Hey, I'm a senior in highschool and I'm about to get a job that pays minimum wage, which is 7.50. How much will I really be making an hour on the final paycheck deducting taxes and social security??
2007-02-17 13:08:05 · 4 answers · asked by igy112000 2 in Business & Finance ➔ Taxes ➔ United States
California, and I will be working more then 30 hours, around 35, need a car : ). thx for the responses.
2007-02-17 13:27:51 · update #1
Social security and Medicare (FICA) will consume 7.65% of your paycheck, or about 52 cents an hour.
Federal taxes will almost be non-existent unless you work more than 30 hours a week.
State income taxes and local if you have them are determined by where you live.
2007-02-17 13:17:25 · answer #1 · answered by trentrockport 5 · 1⤊ 0⤋
Depends what state you live in. You can't just wait and see your first paycheck? It also depends how much you work...taxes are a higher percentage the more you earn, to make sure the rich pay more.
2007-02-17 13:11:50 · answer #2 · answered by BG 3 · 0⤊ 0⤋
depends upon the state which you live
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2007-02-20 19:18:28 · answer #3 · answered by ellen h 2 · 0⤊ 0⤋
That will depend upon what state you live in, how many hours you work every week, and how many withholding exemptions you claim on the W4 that you file with your employer. You should claim Single and zero for withholding since you can be claimed as a dependent on your parents' tax return.
2007-02-17 13:20:32 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 1⤋