Question on how much taxes I will have to pay, Please help!?

Question

Hi I'm trying to figure out how much I will have have to pay in taxes depending on what type of job I get.
In other words I need to know a way to figure out how much taxes will take out of my salary (once I get a job), so I can figure out how high my salary will have to be to survive.


For example: at $12.00/per hour I'd be making approx $24,480 per year before taxes. Is there a place on the net I can go to figure out how much taxes will take out of that figure? Please help!

I already checked the IRS website and could not find it there. There may be something there that does this but I could not find it, if you can help I'd really appreciate it. Thanks, Josh

Unfortunately I don't *have* a job yet so I don't have any pay stubs.

Answer 1

If this year you had made $24,480, were single with no dependents and didn't itemize deductions or have any other deductions, credits, or adjustments, your federal income tax would be around $2026 for the year. Depending on what you put on your W-4 when you got the job (your employer will have you fill one out) they might deduct more or less than that - if they didn't deduct that much, you'd have to pay the rest when you filed your return for the year - if they deducted more, you'd get the difference back as a refund.

You'd also have social security and medicare deducted - that would be around $1873.

Those two take your $12 an hour down to just over $10 an hour that you'd actually get. Depending on where you live, there might be state and local taxes also taken out.

Answer 2

When you start your job, you will be asked to complete a W-4 form. This form has a worksheet to help you determine the amounts you have to withhold to avoid underpayment penalties at tax time.

Alternatively, why don'y you look at your paystub, and see what is withheld, then multiply by the number of paystubs you will get for the year?

Be aware that withholdings may not be your total tax liability, you may owe tax even after all that depending on your personal situation.