2007-01-22 05:04:43 · 2 answers · asked by MC 5 in Business & Finance ➔ Taxes ➔ United States
What are the taxes? You take your gross and subtract the federal & state taxes. Subtract SS (6.2% of the gross) and Medicare (1.45% of gross). Then you may have other state withholdings (CA has SDI).
2007-01-22 05:11:30 · answer #1 · answered by Dizney 5 · 0⤊ 0⤋
Well it depends on what Federal income tax bracket you're in and weither or not your state has an income tax.
SS and medicare take about 7 1/2 % of the gross Then most people are in the 15% bracket maybe a little higher in my state the state takes another 7% So that works out to about 30% of my money.
Take 0.7 x your gross income thats what you'll have left. Unless you have insurance or union dues taken out. Its not unusual to only take home about 66% of what your employer paid you.
So if you're being paid $10:00 per hour you'll probably take home less than $7.00 per hour.
2007-01-22 13:14:37 · answer #2 · answered by Roadkill 6 · 0⤊ 0⤋