Question about taxes!?

Question

I am doing a project in my business class. I have to find the Federal Income Tax, Social Security Tax, Medicare Tax, and State Income Tax (Mississippi). In the simulation my annual salary is $38,400.00 per year. I am paid biweekly $1476.92. I would greatly appreciate at least a web site to tell me what percent should be taken out for the amount I make. Thank you so much!

Answer 1

You did not give enough to determine WITHHOLDING.That depends on filing status and the number of ALLOWANCES claimed on your W-4 and the Mississippi equivalent. You can find the Federal withholding tables in the first link below. Mississippi withholding tables are at the second link below. Social Security is 6.2% and Medicare is 1.45%.

joyce73's give actual tax at on your return based on TAXABLE income. You did not give that information either.

Answer 2

Here are some information:

Social Security Tax and Medicare Tax
6.2% Social Security Tax
1.45% Medical Tax
http://www.ssa.gov/pubs/10003.html

Federal Income tax
$4,220.00 plus 25% of the amount over 30,650
http://www.irs.gov/formspubs/article/0,,id=150856,00.html

Mississippi has a graduated tax rate.
The graduated income tax rate is:

3% on the first $5,000 of taxable income.

4% on the next $5,000 of taxable income.

5% on all taxable income over $10,000.

http://www.mstc.state.ms.us/taxareas/individ/whoshouldfile.htm

Answer 3

Try this: http://www.paycheckcity.com

Good luck.

To the above poster, the combined FICA tax rate is 7.65%. Of that, SS is 6.2% and Medicare is 1.45%

Answer 4

fit-irs.gov
social security-and medicare. it is 6.85% for each of you and your employer. if you need breakout, go to medicare.gov
missisipi-get to your state government home page and find the tax department or whatever it is called there