if someone gets a paycheck of $309.40 and shows they paid 145.60 in taxes...whats the gross pay? please tell me how you did it
2006-11-26 11:55:23 · 5 answers · asked by sugarbayb846 2 in Business & Finance ➔ Taxes ➔ United States
and also whats the tax rate?
2006-11-26 11:55:56 · update #1
The gross should show also on the paycheck, but would be the total of the actual check plus everything taken out. With a gross pay of $455, you should have about $30 taken out for social security. Federal income tax withheld would vary a lot depending on your circumstances, on how often you're paid and what you put on your W-4 form, but shouldn't be more than about $55. And depending on where you live, could be state and local income taxes withheld, and possibly some other amounts. Is the $145.60 just for taxes, or were there other things withheld like health insurance premiums or 401K contributions? That sounds like a lot to be taken out just for taxes. Your paycheck stub should show the breakdown of the $145.60 withheld.
2006-11-26 12:15:25 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
The gross amount ($455) is sum of the net pay ($309.40) and taxes paid ($145.60).
The tax rate is 32%. To get the tax rate, divide the taxes paid by gross amount (145.60/455).
2006-11-26 20:48:17 · answer #2 · answered by dkstyle74 2 · 1⤊ 0⤋
The gross amount would be the total of the paycheck and the total of the tax taken out. $455.00 That's way too much tax to withhold.
2006-11-26 19:58:02 · answer #3 · answered by Papa John 6 · 0⤊ 0⤋
Add the two together to get the gross (providing the $309.40 is what the check was written for). The gross should be on the check stub as well though.
2006-11-26 20:41:05 · answer #4 · answered by playing_shy 2 · 1⤊ 0⤋
Your grose amount is $309.40 and yoru net pay is the remainder after your taxes come out.
2006-11-26 20:05:20 · answer #5 · answered by performancetool 2 · 1⤊ 1⤋