im trying to calculate how much my check will be but i need to know how much is taken out for federal income tax, i just want what it usually is, i know its based off of your w-4 forms but i want the average or whatever. help
2006-12-07 01:37:37 · 3 answers · asked by ashuhhley 2 in Business & Finance ➔ Taxes ➔ United States
Whatever the "average" is has no bearing on what would be taken out of your check, since if you're making $100,000 a year, it would be very different than if you're making $18,000 a year. And yes, it depends on how many allowances and what filing status you claim on your W-4. Federal income tax could be nothing taken out, or a significant percent. You can find the amount for yours at irs.gov. Download publication 15, and go to pages 36 and 37 to find how much federal income tax will be withheld. As a guideline, if you're single, claim 0 allowances, and make $20,000 a year, they'd take out about $43 a week for federal income taxes.
Social security will be 7.65%. Depending on where you live, state tax withholding could be anywhere from zero to 8% or so, and there could be local taxes also.
2006-12-07 02:27:52 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
To figure your after-tax paycheck, you will need to do a few things.
First, go to www.irs.gov and review Publication 15. That publication tells employers how to properly take out for taxes depending how often they pay their employees.
Second, go to your state's website and review the similar publication for your state's income tax.
Third, plan on 7.65% to be taken out for Social Security Taxes.
Fourth, review all of your other deductions that are being taken out of your paycheck like medical insurance and 401k contributions. Many payroll deductions can be taken out before federal and state taxes.
Run the numbers and that will give you the information that you need to know.
2006-12-07 20:36:18 · answer #2 · answered by Steve 6 · 0⤊ 0⤋
Depending what you make and where you live, withholdings are probably 20-30% of your check, including federal tax, state tax, social security, medicare, etc. Federal tax alone might be 10-15% of your gross (i.e. half of the total withholding), again depending on income level.
2006-12-07 09:47:12 · answer #3 · answered by moto 3 · 0⤊ 0⤋