I live in Orange County, California and just got offered a new job for $42,000/year. I looked up the IRS tax bracket and figured that I would pay about $7,058 annually in federal taxes (I am single with myself as a dependent, don't own any property or have any capital gains.)
I was wondering if anyone could tell what other taxes I would owe on the Federal/State/local level, and approximately how much I would be bringing home after tax per month.
2007-02-18 10:35:52 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Well, you have your Federal income tax nailed.
Don't forget an additional 7.65% for Social Security and Medicare withholdings. That would work out to another $3,213 taken out.
Now you need to figure your State tax bite. There should be a calculator on the CA FTB website to help with that.
Then add them all up and subtract it from your gross pay to get your probable net pay for the year.
Divide that by the number of pay periods (26 if you're paid bi-weekly) and you'll have your average take-home pay per pay period.
2007-02-18 10:47:22 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
There's a great website, paycheckcity.com that estimates salary after taxes. They use information based on the state you live in and number of exemptions you are claiming. The estimates are pretty close.
2007-02-18 11:24:53 · answer #2 · answered by Leila 2 · 1⤊ 1⤋