So i get 7.25 an hour and im 16 years old. How much do I REALLY get? like 6.75? or like 6.80 or what plzz tell me
2006-12-11 14:24:05 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I agree with 86...congrats on being responsible and ambitious.
Many factors go into how much in taxes is deducted from your pay: deductions, state income taxes, Medicare, retirement, etc.
An easy way to figure it out on your own is to look at your pay stub.
Divide the smaller number (which you get in cash) by the bigger number (which is what you get paid), multiply it by 100 and subtract it from 1. That is the amount you are taxed.
2006-12-11 14:34:36 · answer #1 · answered by Anonymous · 1⤊ 0⤋
First of all, Congratulations on taking on a job and some responsibility. The amount of taxes paid depends on your filing status and number of dependents. Seeing as how you are sixteen, I would imagine you would have no dependents. I also imagine you would be filing as a single. If both of these are true, they will take more in taxes from you, but there is a good chance you will end up getting most of that back on your tax return if you don't make too much money. How much you will actually make an hour, I can't really tell you definitively, but my guess would be around 6.50 or so. Now that I've totally mixed you up, Good Luck with whatever you do.
2006-12-11 14:27:58 · answer #2 · answered by 86Mets 4 · 1⤊ 0⤋
I do payroll for a corporation. I am going to guess that at your age you are claiming single and 0 dependants. Since I dont know what state you live in and what their tax rate is, I cant accurately calculate how much your state deduction would be. I would say you are probably getting cut about 20% or a little more of your gross wage.
You will get most of the federal part of it refunded to you at the end of the year if you file a tax return.
2006-12-11 14:34:46 · answer #3 · answered by I know, I know!!!! 6 · 0⤊ 0⤋
It depends on your annual salary. The table below lists the tax rates. If you make less than $7550, your tax rate is 10%. Your withholding (the amout they take out each week) is based on your W4 form. If they withhold more taxes than you owe, you can get a refund when you do your income tax return. If they don't withhold enough, you owe money to the government.
2006-12-11 14:49:56 · answer #4 · answered by Anonymous · 0⤊ 1⤋
depends on what you put on your w4 form ask your emplyer to calculate it
2006-12-11 15:18:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋