I'm going to be starting my first job in a couple of weeks, and i wanted to know how much i'll "really" be making... before tax i should clear about $580 ( 20 hours a week and 4 weeks a month at $7.25 an hour) How do i calculate the tax on that?
2007-04-15 16:07:07 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You will have to figure it weekly, because some months have 5 weeks. At 20 hours a week at 7.25 is 145.00. Then you have to figure Social Security at x .062 is 9.00, then Medicare at .0145 is 2.00, then single and 0 is about 10 on the federal taxes. So 124.00 you will bring home give or take a few on the Federal taxes. Hope this helped.
2007-04-15 16:18:51 · answer #1 · answered by doris_38133 5 · 0⤊ 0⤋
Go to http://www.paycheckcity.com for some handy and pretty accurate estimators.
2007-04-15 23:30:47 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Figure about 28% flat. If it is less than that, that is a plus.
2007-04-15 23:15:21 · answer #3 · answered by Anonymous · 0⤊ 1⤋