I was wondering how to calculate the percentage of federal and state taxes witheld from my paycheck?

Question

I start a new job tomorrow and will only be making $12.13 an hour, 40 hours a week. I 'm kind of afraid to ask but can someone tell me what I will clear on my bi-weekly paycheck? What percent do I deduct to find out what I'll be making each week?
Thank you much :)

k

Answer 1

Here you go! The IRS W-4 calculator, works good!

I assume you already know that IRS witholding amounts depend on your filing status (married, single, etc) and how many dependents. So, the amount of witholding is determined by you! ...and what you put on your W-4.

The IRS intends that you 'pay as you go', so the idea is to put the right numbers of dependents and stuff on your W-4 so you break even at end of year...not owing or getting much back, either....just enough to cover your taxes. The calculator will help you determine those values very well.

Once you know what has to be withheld, then you can calculate better what will be left each pay period...just subtract the witholding from the total. Remember, medicare and SS will also be taken out...they amount to about 2 - 3 % of your pay, I'd say.

If you just need a ballpark figure, if you're single, you should be able to take home about $9.50 / hour, maybe better. I'm shooting low so you'll get a happy surprise if I'm wrong (hope it's more).

And I hope you know if you have dependents, you'll be able to take home much more than if single with no dependents...IRS gives single parents a break, for sure. But you haven't told us about married/dependents/or your state (don't tell us what state you're in, OK?) ... but some states don't even have income tax, you know?

..best wishes, and hope I've understood.