so im like 16 and i get 6.5 an hour and work about 14hrs a week and the bank takes my taxes from my pay check and i get paid every week. Also i live in Kansas and United States. Basicaly what im trying to ask is how much should the bank take off percent wise.
2007-02-04 09:09:34 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
That can't be answered without knowing what you put on your w-4. I assume you are single but I have to know if you put 0, 1, or 2 exemptions on the form. Each one can change the tax by at least $330 per year. There are also social security and medicare taxes which are a fixed percent. There may also be state tax and disability tax. When you say bank do you mean you are working for a bank or a bank is doing the payroll for another company?
The only thing special about being a minor is the number of exemptions which is based on who is claiming you on their taxes. If this was investment income your parents could have added it to their own tax form.
2007-02-04 09:12:14 · answer #1 · answered by Barkley Hound 7 · 0⤊ 0⤋
They will take 3 different amounts, possibly 4. They will take both federal and state income taxes. They will also take social security and medicare taxes. Federal and state income taxes depend on the number of exemptions you put down on your W4 when you were hired. Typically, you'll have 15-20% taken out, depending on your state. If you make less than $5150 in 2006, you'll get every penny of you Federal back. States are a little different, so you'll just have to wait to see how much you'll get back. As for the other two, SS & medicare, these are straight percentages (6.2% & 1.45%).
2007-02-04 09:16:42 · answer #2 · answered by tim 1 · 0⤊ 0⤋
Probanly ten % plus 11% for SS and a small amount for medicare
2007-02-04 09:13:47 · answer #3 · answered by rallman@sbcglobal.net 5 · 0⤊ 0⤋
The bank shouldn't be taking anything except the fee(s) for your account.
2007-02-04 09:17:41 · answer #4 · answered by eschampion 3 · 0⤊ 0⤋