HOW DO I FIGURE OUT HOW MUCH MY CHECK WILL BE BEFORE I GET IT?...FOR EXAMPLE IF I GOT PAID $520.00 before taxes how much will my check be for? if i have no dependants and i live in the county of erie in ny state?...any answers?
2006-10-12 15:11:08 · 4 answers · asked by OneProudRican716 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Here are the normal rates that are taken out of each paycheck.
Federal - 10% - 15% varies
Medicare - 1.45% of total wages
SS - 6.2% of total wages
State and Co rates vary - check their offical websites to find your rate.
2006-10-12 15:29:22 · answer #1 · answered by Fool in the Rain 6 · 0⤊ 0⤋
For starters you can multiply your check by .0765; which is the amount that you will have held out for social security and medicare; and would amount to 39.78. With no dependants you should be withholding at the rate of zero or one. You can go online to irs.gov and go to publications and seek out Pub 15; which has the tables in it for withholding at the various rates. You can figure out how much total withholding for the federal level. You will have to obtain a withholding schedule from your state to do the same there. You should be able to figure it out right to the penny.
2006-10-13 03:56:01 · answer #2 · answered by acmeraven 7 · 0⤊ 0⤋
Too many variables. They will take out 7.65% for social security and medicare. They will take out from 0 to 25% for federal income tax, depending on your tax bracket (and how often you get paid). They will deduct for NY state income tax, and possibly local income tax. They will deduct for certain benefit programs, and maybe for retirement. Check with your payroll supervisor.
2006-10-12 15:28:59 · answer #3 · answered by rockEsquirrel 5 · 0⤊ 0⤋
Take you prior paychecks and figuire out what % is taken out for taxes. When you get the % you can take your pay - the% it should help.
2006-10-12 15:15:53 · answer #4 · answered by Marianne N 2 · 0⤊ 0⤋