Specifically, I'm interested in the percentage taken out. This includes Federal Income Tax, any State taxes removed from a paycheck, and Social Security. Remember, this is for a resident of Missouri.
I am using this for some personal budgeting models, specifically for determining when I am financially able to get married. Any sources to back up any answers would be most appreciated. Thank you all and God bless!
2007-02-17 07:29:21 · 3 answers · asked by The Link 4 in Business & Finance ➔ Taxes ➔ United States
I am aware of "tax brackets" and know this won't be a simple answer. The more info the better. Thanks!
2007-02-17 07:31:02 · update #1
P.S.- I am currently unemploied, therefore talking to my employer is not an option. I am trying to come up with a reasonably accurate formula to predict what my income will be after taxes, by inputting the amount of income on a MS spreadsheet.
2007-02-17 08:26:03 · update #2
The only fixed rate deduction from your wages is Social Security and Medicare. The combined rate is 7.65%.
MO income taxes are on a sliding scale from 1.5% up to 6%. The max rate kicks in at $9,000.00 http://www.dor.mo.gov/tax/personal/faq/indiv.htm#q16
Federal taxes are much more complex. They start at 10% and rise as high as 35%. For the withholding rates, see IRS Pub 15, Circular E. Here's a link to the 2007 version: http://www.irs.gov/pub/irs-pdf/p15.pdf
2007-02-17 08:00:38 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
There are set limits for everything. Talking to your employer would be the most helpful to you.
2007-02-17 07:33:52 · answer #2 · answered by Anonymous · 0⤊ 1⤋
AT $25.00 PER HOUR WHAT SURE BE DEDUCTED FOR TAXES?
2015-08-29 04:20:04 · answer #3 · answered by Evanda Hogan 1 · 0⤊ 0⤋