Someone told me that 33% is taken from a paycheck, but I not exactly sure. Thanks!
2006-12-29 18:42:43 · 4 answers · asked by SarahG 1 in Business & Finance ➔ Taxes ➔ United States
Your employer will withhold 7.65% of your gross wages for FICA (Social Security) and Medicare taxes. How much is withheld for federal income tax depends completely on what you tell your employer to withhold when you fill out Form W-4. How much is withheld for state income tax depends completely on what state you live in and, if that state has an income tax, what you tell your employer to withhold when you fill out that state's version of a W-4. Additionally, some cities and other localities have income taxes of their own. So there is no tidy answer to your question -- it's different for each person.
2006-12-29 21:04:17 · answer #1 · answered by dragonwych 5 · 2⤊ 0⤋
Social security and medicare will take 7.65%. What's taken out for federal taxes depends on how much you make and what you put on your W-4 form, but if you fill out the W-4 to have too little deducted, then you'll owe when you file your return. Depending on where you live, there might also be state, and sometime local, income tax. State and local tax rates vary a lot from place to place.
Unless you're making a pretty high salary and/or live in a high tax state, 33% sounds high.
You'll know when you get your first paycheck.
2006-12-30 02:55:16 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I know that i claim 0 dependents and on average the government takes about 10% of my taxable wages! This of coarse including Federal, State, Medicare, and Social Security Taxes. I think 33% is very high; but if you make more it may be different. I make about 13,000 yearly right now. Year to date they have taken about 15%. SS Tax is very high!!!!
2006-12-29 21:20:00 · answer #3 · answered by Mandie H 1 · 0⤊ 1⤋
33% would be right. but exspected to raise on Jan. 07 and again on Jan 08
2006-12-29 18:51:50 · answer #4 · answered by psycho_omega 2 · 0⤊ 3⤋