I need to know how i calculate the taxes i must pay from my salary everyweek, for example if i earn 236.25 weekly, whats the percentage i get discount from my employer for the social security, irs tax,? Need some help quick!!!
2006-11-08 08:37:59 · 4 answers · asked by jalina 2 in Business & Finance ➔ Taxes ➔ United States
Social security is 6.2% of wages excluding pre-tax deductions with a limit of $5580 for your social security tax per year.
Medicare tax is 1.45% of all wages. There is no pre-tax exclusion and maximum limit like social security tax.
If you are self-employed, then double the social security and medicare tax as stated above.
For 2006 federal income tax rate, see IRS site for your filing status and exemption. http://www.irs.gov/formspubs/article/0,,id=150856,00.html
Best wishes.
2006-11-08 08:56:33 · answer #1 · answered by JQT 6 · 1⤊ 0⤋
First, if you are self employed you need to be able to do this. If not, you work for them and they should pay the social security for you as well as the taxes ansd you should get a stub with it on there. If they are hiring you as a subcontractor you need to call the IRS and ask them for the calculation sheet for estimated taxes. They will send it to you. Make sure that the employer isn't taking advantage of you, really. If you are working over 30 hrs. you are really an employee and it's their job to do the deductions, not yours. don't let them take advantage of you.
2006-11-08 08:44:13 · answer #2 · answered by MISS-MARY 6 · 0⤊ 0⤋
This is a great website hun, on the left hand side you will find diffrent types of calculators that will help you determine your tax withholdings. Hope this helped
PaycheckCity.com
2006-11-08 08:47:48 · answer #3 · answered by al_m92335@sbcglobal.net 1 · 0⤊ 0⤋
i think social security is something like 7.8%.
2006-11-08 08:41:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋