I make 6.50 and hour work 40 hours a week. I have two kids do i have to have taxes taken out of my check?
2006-12-11 04:38:32 · 3 answers · asked by ball 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
You can reduce your INCOME tax withholding by increasing your exemptions, but you'll still have some taken out. Also, your FICA is automatic (aren't taxes wonderful?) for Social Secuirty (6.2% your share, 6.2% Company; Medicare at 1.6%, and any applicable State INCOME tax)
2006-12-11 04:43:53 · answer #1 · answered by ingoal 1 · 0⤊ 0⤋
Whether you're single or married, with two kids, if the 6.50/hr is your only taxable income, you won't owe federal income tax. So no, you wouldn't have to have anything taken out of your paycheck for that. But you would still have to pay FICA (social security and medicare). And if you live in a state and/or municipality that has an income tax, then you probably will have something taken out for that.
Good luck. Raising two kids on that kind of money can't be easy - keep up the good work!
2006-12-11 20:01:31 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You must fill out a current W-4 form. You didn't mention if you are married or not. On the W-4 you have a worksheet to figure exemptions. You will want to count yourself as one, your children as two and if you are married, your spouse as one for a total of four exemptions. This will reduce the amount of federal taxes withheld from your check. Depending on your living arrangements and whether or not you are married you may and propably will qualify for child tax credits and earned income credit. These will help you to receive the most back on your income tax refund.
2006-12-11 15:25:09 · answer #3 · answered by Mike H 1 · 0⤊ 0⤋