Hello to all!
Just one quick question. I will start working january next year (2007) and have had no income before (its my first job). Do I have to file a tax return by april 31st 2007 for the months worked (jan to april) or in my case, will it be until april 2008, covering all of 2007? How can I estimate the amount of income tax that will be taken from my paycheck? I live in NYC
Thanks to all! Happy Holidays!!
2006-12-21 08:23:47 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
April 15, 2007 is a deadline for your 2006 Income Tax return. So, if you didn't make any money in 2006, you do not have to file income tax return just yet.
Use this link to find a paycheck calculator http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp
I tried it for a few minutes, seems to be working.
2006-12-21 08:31:06 · answer #1 · answered by Alexander K 3 · 2⤊ 0⤋
Taxes are based on calendar year, so if you start working in Jan 2007 your first tax return will be due on April 15, 2008. Your net pay will be about 70% of your gross pay (depends on your income level).
2006-12-21 08:29:27 · answer #2 · answered by MustangGT 2 · 1⤊ 0⤋
You'll file your first tax return in 2008. It will cover all income earned in 2007.
Your new employer should be able to give you a good estimate of how much will be withheld. It varies based on your income.
2006-12-21 09:52:29 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You always file for the previous year. So if you work in 2007 you need to file in 2008. Your tax bracket depends if you are single or married with/without kids.
2006-12-21 08:32:38 · answer #4 · answered by ? 6 · 0⤊ 0⤋
You will fill in 2008 for Jan 1, 2007 thru December 31, 2007.
Sorry, no idea about NYC but I am sure that it is high.
2006-12-21 08:27:03 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋
To answer your second question, your HR Department can explain the forms you will fill out for payroll withholding. Depending on your salary and number of exemptions, the withholding will vary for income taxes. Then there is Social Security tax, Medicare tax, and other deductions for benefits like health insurance. So impossible to say what your take-home will be.
Congrats on the new job.
2006-12-21 08:46:15 · answer #6 · answered by ninasgramma 7 · 0⤊ 0⤋
not unitl april 2008.
2006-12-21 08:31:37 · answer #7 · answered by unan1m0us 5 · 0⤊ 0⤋