Does anyone know the percentage of your wages that goes straight to general taxes?
If you have claimed 1 on your tax form and have no health insurance to pay for yet how can you calculate your actual net pay after taxes?
2007-03-13 08:48:40 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I just found a website, paycheckcity.com. It doesn't seem to take much out of wages, just social security and medicare. Does anyone know if this is acurate?
2007-03-13 09:00:52 · update #1
The IRS withholding calculator linked to by another answerer is irrelevant to the asker's question. She wants to know how to calculate the percentage of her wages that will be deducted for income tax on a paycheck.
There are charts and calculators available which will tell you. The one at paycheckcity.com seems to be what you want and the results look accurate to me. (Just be sure you are using the right one - there is one for salaried employees and one for hourly employees.) The percentage is dependent upon your earnings. If your earnings fluctuate from paycheck to paycheck, the percentage withheld will also fluctuate.
If the income tax withholding seems low, it may because your income is low enough that you do not owe much in income tax. For example, if you are single and your annual gross income is less than approximately $8,500 you would owe nothing in federal income taxes and thus, none would be withheld from your paycheck.
2007-03-13 09:35:22 · answer #1 · answered by greymatter 6 · 0⤊ 0⤋
I am considering a job in Nunavik Territory in Canada.
It pays $77,000 salary and $24,000 northern living allowance.Looking to find out what my take home pay after taxes would be up there?And if the living allowance is taxable also?I saw a site that had this sort of info but can't find it now.Thanks,James
2014-09-07 12:13:34 · answer #2 · answered by James 1 · 0⤊ 0⤋
Check out this tax witholding calculator from the IRS website.
http://www.irs.gov/individuals/article/0,,id=96196,00.html
2007-03-13 09:00:04 · answer #3 · answered by MakeThingsRight 2 · 2⤊ 1⤋
go to this website its great for figuring out your paycheck I use it all the time. Its www.paycheckcity.com It's easy to work with and its free too! Hope that helps! =)
2007-03-13 08:58:35 · answer #4 · answered by ♀_♥₤ẩϋřą♥_♂ 2 · 2⤊ 1⤋
contact irs. they have work sheets you can use.
2007-03-13 08:52:51 · answer #5 · answered by Anonymous · 1⤊ 1⤋