how much does tax take off minimum wage?
minimum wage is like 7.50 now and how much would tax take outta that ?
2007-02-01 16:15:24 · 4 answers · asked by Jay a 2 in Business & Finance ➔ Careers & Employment
taxes typically take 30%
2007-02-01 16:17:52 · answer #1 · answered by Coolltw2003 3 · 1⤊ 0⤋
It depends on your situation. Are you married or single? Do you have children? Are you filing head of household? Can you be claimed as a dependent on your parents taxes? Do you qualify for EITC (earned income tax credit)? Need more info. How many exemptions did you claim on your W4 when you filled it out at the start of your employment? If you claimed 0, more taxes will be held out. Do you work part time? How much do you make annually? A rough guess without information would be somewhere between 25-30%.
2007-02-01 16:43:52 · answer #2 · answered by budred 2 · 0⤊ 0⤋
They take the maximum from your minimum, and there's no happy medium. (Sorry, couldn't resist.)
2007-02-01 16:59:08 · answer #3 · answered by johN p. aka-Hey you. 7 · 0⤊ 0⤋
ARMS, LEGS, AND YOUR PAYCHECK.
2007-02-01 16:25:08 · answer #4 · answered by riccibigm47 2 · 0⤊ 0⤋