2006-12-14 07:20:40 · 5 answers · asked by Una nena mas 2 in Business & Finance ➔ Taxes ➔ United States
Social security will take 6.2% of the gross. Medicare will take 1.45% of the gross. For federal and state income taxes, the amount taken out will depend on what you claimed on your W-4. Depending on the state you are working in, you may need to pay state disability as well. That percentage will also vary from state to state. If you are participating in a 401(k) plan, that will also reduce your net take home as well.
2006-12-14 07:44:48 · answer #1 · answered by jseah114 6 · 2⤊ 0⤋
FICA (aka social security) = 7.65%
Depending on income and what you claimed on your W-4, Federal income tax = 0% to 35 %. This ignores the possibility of advance EIC payments. They could actually result in a negative withholding amount.
State taxes vary by state as well as the factor above. The range I saw is up to 8.25%.
You may have non-tax deductions as well. These could include insurance premiums, union dues, and 401(k) type deductions. I have also ignored things like child support, alimony and garnishments. I have no way of knowing if any of these apply to you.
The short answer to your question is: There is no answer to your question. I doubt you could find 2 people in your office with the same percentage.
2006-12-14 18:40:44 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
In 7.62% is withheld for social security and medicare.
The Federal Income tax withheld depends on your income and what your deductions on your income tax are. This varies.
Lets just say you make $20,000 have a standard deduction and one exemption (Single filing status) You are in the 15% tax bracket. Leaving a tax liability of $1,355 this would be paid over the course of the year. If you are paid 24 times in a year that would be about $56.45 per pay period. Soooo..
Gross pay is approx $833.33
minus 7.62% $63.50
minus Federal $56.45
Net Total $713.38 just under 14.5%
Hope this helps.. Depends on what your tax liability will be that determines what you should withhold for the federal part of the withholding. If there is no federal income tax that needs to be withheld then the figure is 7.62%
2006-12-14 15:56:56 · answer #3 · answered by T D 2 · 0⤊ 0⤋
If I am doing a rough calculation, I use 35% for taxes. I take my gross salary times 65% to approximate what my take home (net) pay will be.
2006-12-14 15:28:54 · answer #4 · answered by catcher0013 1 · 0⤊ 0⤋
Please go to the hyperlink below and you can calculate your net pay.
2006-12-14 15:50:07 · answer #5 · answered by DaMan 5 · 1⤊ 0⤋