Trying to work out what percentage of tax I am paying. If I am paid $52.00 for 4 hrs work, and end up with $43.53 after tax, how much tax am I paying? I know I paid $8.47 but what does that work out to as a percentage? How much percent am I paying per $1.00? Thanks for any help.
Also if you can tell me how on earth I work this out on a calculator for future reference that would be great. Not too flash on my math skills.
2006-11-13 16:44:39 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Well, all you do is take the amount of tax and divide it by the amount of your GROSS pay and times it by 100
($8.42/$52.00)*100
= 16.29%
2006-11-13 17:02:47 · answer #1 · answered by Beeswax 4 · 0⤊ 0⤋
to figure out the amount of taxes paid ($8.47 divided by $52.00 = 16.288%). everyweek, use the total amount taken out and divide it by your gross.
$3.22 was SS (52x6.2%)
$0.75 was Medicare (52x1.45%)
so SS & Medicare together were about 7 1/2%.
the other roughly 8 1/2% (or $4.50) was Fed , State and/or Local.
2006-11-15 01:12:59 · answer #2 · answered by TaxGirl 2 · 0⤊ 0⤋
It's actually 16.288% in taxes you paid. Taxes devided by gross/ multiplied by 100%.
2006-11-14 00:48:25 · answer #3 · answered by TMAC 5 · 0⤊ 0⤋