by weekly how much should i come home with every 2 weeks with 40 hours a week..?i heard that they take alot in your taxes when you claim zero...but what i really want to know how much is my forst paycheck might look like for 2 weeks...>? please answer, im trying to do my budget...!
2007-01-04 10:35:31 · 5 answers · asked by dat_sweetmami 1 in Business & Finance ➔ Taxes ➔ United States
ok you found a nice little "secret" about w2 info. I am single and claim ZERO on my w-4 but claim one on my 1040 (perfectly legal too) they do take the most taxes at ZERO BUT you are very likely to get it back at tax time. to really see the differences head to the link below. This is teh site I use ofte and it is pretty much accurate.
2007-01-04 10:40:45 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Taxes will be approximately 30-33% of your gross wages total.
Any health insurance premium will be additional off the top as well.
Claiming 0 to me is good, main reason being when you file a tax return you shouldn't owe the state and federal govt any money hopefully. If you find out that you will, then you should be able to request your employer to withhold like an additional $10 or so per week for taxes. If you have dependent children, 0 is usually OK by its self. You'll get some money back on your return that way.
Its one way to save a little money if you are not disciplined to do so.
I claim 0 and gross for one week what you will in 2 weeks. All my taxes and $42 a week for insurance is right at 33% of my total gross. That means I take home about 66% of my total gross weekly.
So unless you want to "cough up" tax money for uncle SAM and your state next year, just keep claiming 0. I always have. 30+ yrs now. You won't miss the little extra that is taken out each week and it will spare you a lot of tax grief next year.
2007-01-04 18:57:45 · answer #2 · answered by HowFuzzyWuzee 6 · 0⤊ 0⤋
First off minimum wage is 5.15 an hour unless you are a waiter/waitress, then it is 2.17 an hour. Now when you claim 0 it means that you are claiming 0 other people are dependent on you income to live, such as children and spouses. When you claim 0 depending on your state, you loose about 39% of whatever you make to taxes. Still if you work 40 hours a week at 9 an hour you make 720 over 2 weeks. To do your budget take .39 and multiply it by 720 which is 280.80 subtract that from your pay and you get a budget of 439.20 for 2 weeks. Still do like the person infront of me said and claim 0 on one form and however many you actually have on the other.
2007-01-04 18:47:23 · answer #3 · answered by smileyu571 3 · 0⤊ 1⤋
If you claim (0), they do take out all they can for tax's, but you should get it all back when you file taxes. do the math to figure out what your check might be. take 9 bucks an hour times 40 and that comes to 360 for a week. you said you get paided bi weekly so add 360 and 360 to get 720.
I figure they will take about 200 and some dollars out so your check might be around 500 and some give or take. hope this helps you.
2007-01-04 18:42:22 · answer #4 · answered by fruitloop247 3 · 0⤊ 1⤋
$9.00 x 40 x 2 = $720/pay.
Soc Sec @ 7.65%:$55
Federal withholding (see linked table, page 43):$80
Net: $585 before state and local withholding if applicable.
You may also have non-tax deductions such as insurance premiums. Ask your employer about these.
BTW: Where is the minimum wage $9.00? The highest I can find is $8.00 in California.
2007-01-04 19:15:31 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋