I work part time- about 20-30 hrs/wk. I make 7.50/hr and live in central florida. I am not sure what the required taxes are for our area other than FICA and Medicare tax. What should be taken out? In what order or is everything from the gross amount? What percent is each tax?
2007-01-12 01:16:40 · 4 answers · asked by eshoermann22 1 in Business & Finance ➔ Taxes ➔ United States
You obviously have internet access so your best bet is to go to the IRS and Florida dot gov websites and get the _real_ tax info, rather than using a bunch of guesswork and misdirection.
2007-01-12 01:31:25 · answer #1 · answered by credo quia est absurdum 7 · 0⤊ 1⤋
FICA and medicare will total 15.3% of your gross. Income tax would vary depending on your marital status, filing status, and number of dependents, among other things. Assuming you're single, no dependents and not a dependent of anyone else, income tax will be about 3% of your overall gross - you'd be in a 10% bracket, but most of your income wouldn't be taxed at all. So a little over 18% would cover it.
If you're between 25 and 64, or if you have a dependent child, you'd probably be eligible for the Earned Income Credit which might cut this down lower.
2007-01-12 19:51:54 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
Florida doesn't have an individual income tax, so you won't owe anything there.
As for your federal return, if you are claiming anything other than single and 0, you need to redo your W-4 to have federal taxes withheld. Your employer determines your withholdings by a table provided by the IRS. If you make less than the threashold, then he won't withhold any federal income taxes.
Just doing a quick calculation, you may owe about $500 of federal taxes. However, it's all dependent on what goes on your 1040, so don't hold me to that.
2007-01-13 11:56:16 · answer #3 · answered by texascajun82 2 · 0⤊ 0⤋
You very likely will not owe any tax.
2007-01-12 09:30:18 · answer #4 · answered by robert s 2 · 0⤊ 1⤋