After taxes, how much would you guesstimate is taxed from each paycheck? Is there a formula? Say I make $10/hr, would it be about a dollar off every hour worked?
2006-12-05 18:55:48 · 3 answers · asked by a c 1 in Business & Finance ➔ Taxes ➔ United States
To figure this out for yourself all you have to do to get the percentage that goes to each tax is take the amout deducted for a specific tax, (lets use federal) the deduction for fed is listed on your paycheck as 37.34 and your gross wages are 356.96. On you calculator enter 37.34 & devide by 356.96% (use the % sign on your calculator) the sum you get will be the percentage of tax withheld from you check. My answer is 10.46055% of my gross wage is deducted for fed tax. You can do this for each deduction, or you can figure the blanket deduction. Insurance deductions may vary. If I figured out my blanket deduction I would come out with 20.999% of my gross going to the taxes.
Hope this helps.
Hope this helped.
2006-12-06 01:10:17 · answer #1 · answered by Smurfetta 7 · 0⤊ 0⤋
I don't know about $10 hour, but if you make a decent wage in california. THe total tax is over 50% if you have no deductable. THe rich has to pay even more than that. $10 is barely making a living in CA and i believe the total tax is probably 1/3 of you income. I haven't thought much about which tax goes where, since to me its moot. I'm sending the tax web site so you could see what your case would be
2006-12-05 19:12:04 · answer #2 · answered by Anonymous · 0⤊ 1⤋
i dont know
2006-12-05 19:04:59 · answer #3 · answered by Muruks 2 · 0⤊ 0⤋