How much does the Federal Taxes take out of your paycheck?

Question

No, the answer isn't subtact the net from the gross off your paycheck and take that amount and divide it from your taxable wages.

I would like to know whats the actuall number the IRS uses to take tax money and make deductions from your paycheck. For example I had one pay check that had FED INC TAX percentage deduction of taxable wages was 9.14% and another check that was only $76.00 more and that FED INC TAX percentage deduction came out to 9.50%. So obviously if you make more, the amount they take out will increase, thus theres a common number they use to make deductions based on your taxable wages.....and thats the number I would like to know. Thank you.

Answer 1

It's complicated. You have a number of exceptions you've claimed. Each one provides about $3,000 in tax relief.

You also are taxed at different rates depending on your income. So, there's the 10% bracket all the way up to 35% bracket. A higher income person will see a higher percentage deducted.

I'll bet that you have some sort of overtime or commision proceeds so that your paycheck varies. What you'll find is that the more you're paid per period, the greater that tax liability, since you are earning higher.

For example, if you made $25,000 a year, you'd be in the 15% bracket. But if you had a massive profit sharing for one week or something, your annualized rate might push you into the 25% bracket for that period, so you'd have higher taxes that week.

Increase your IRA or 401(k) deductions to cut your taxes. If you typically get a large refund, file a new W-4 to decrease withholding and get a bigger paycheck.

Go online and search for payroll calculators or take-home calculators. You can run the numbers there.

Answer 2

That actual answer varies based on what you put on your W-4 and how often you are paid. The best answer given your lack of detail is the link below an IRS publication containing withholding tables.

Answer 3

There are many criteria for calculating how much tax one pays, but mostly it depends on how much you make and the number of aloowances claimed. the more you earn, the more you pay back as tax, so it is better to claim all legitimate allowances as much as possible. making more money shoots you into the higher tax percentage rate.

Answer 4

There are so many factors involved in determining how much federal tax to withhold (#exemptions, annual salary, how much you contribute to 401k plan, etc.)

You can use the IRS withholding calculator to determine if you are withholding too much/too little.

http://www.irs.gov/individuals/article/0,,id=96196,00.html