how much income tax do i have to pay?

Question

i am only 15 and i want to get a job. i estimate i will make about $9000 per year so i want to know i will be able to pocket in the end. i live in michigan. this is my first job. what percengate will i need to pay for taxes? and what other factors do i need to take into consideration before estimating my total income?

Answer 1

Don't let the others scare you. You will pay:

6.2% for Social Security
1.45% for Medicare
4.3% for Federal (assuming you enter Single 0 on your W-4)
?% for state
?% for local

At worst, 15% will be gone for taxes. I don't know how Michigan taxes you, so I put in ??. It can't be much. Here in PA it is 3.07%. In CA it would have been close to 0% because you didn't earn much.

I am assuming your parents still claim you as a dependent. If not, your federal will be lower. 15% is a worst case estimate based on solid assumptions. As you earnings rise, the percent for federal will rise too, but social security and medicare will remain a constant percentage. I highly suggest entering Single with 0 withholding allowances on your W-4. The W-4 is one of the forms your employer will have you fill out when you start work.

Good luck and don't worry so much about taxes. Try to earn as much as possible!

Answer 2

Typically you have taxes taken from your check before you get it so you never miss it. I always figure 27% depending on local taxes. However, with you being under 18 you are still a dependent of your parents, so you should get most of it if not all of it back at income tax return time. Income tax goes by your total adjusted income at the end of the year. Adjustments are made for dependants cost of schooling ect. There is also a Standard Deduction. So your total taxable income is much lower than what you actually made, especially when you don't make much to start with. You may still have to pay local taxes though. I live in Ohio so I am not sure on your laws. You need to talk to your parents and or a tax preparer on how to fill out the forms for the taxes to be taken from your check. Good Luck

Answer 3

There will be other factors that will affect your tax, such as uniform, or other cost due to working. Generally children pay in taxes but get it all back in the form of a refund but that can only be figure by your tax preparer along with all your deductions.

In the real world you can safely assume a third of what you make is for taxes.... bummer but that's the price we pay if in the U.S.A and its a damn good country to be in !!

Answer 4

Too damn much. You will end up paying about 1/3 to taxes.