I'm starting a new job.. my first salary job. Benefits are included and paid for by employer. In trying to figure out my net pay, is it always around 25% that is taken out? I've heard as high as 28%... craziness, sheesh!
I'm not married, do not have children nor own a home. Any ideas of what the govt. may scoop out of my paycheck and if it is consistent in that percentage week to week?
2007-05-04 07:18:20 · 4 answers · asked by Mg 1 in Business & Finance ➔ Taxes ➔ United States
This is different for every state and sometimes, for different municipalities IN a state.
For the most accurate answer, visit the web site I've cited below. You plug in your state, and you can figure out what your net check will be.
2007-05-04 07:22:48 · answer #1 · answered by Scotty Doesnt Know 7 · 0⤊ 0⤋
Ive been working in payroll for many years and it really depends on how much money you make a what you claim for a tax status on your w-4 form when you first were hired. If you are single, make around 25-30 k a year, and are claiming 1 exemption, you can expect at least 19-20% of that money will be going to taxes and social security. If you make more a year, your tax bracket goes up along with the percentage.
2007-05-04 07:24:57 · answer #2 · answered by Anonymous · 0⤊ 1⤋
PaycheckCity.com is the ultimate resource for doing a quick withholding calculation. You provide the various inputs and it will accurately, to the penny, display the amount you can expect on your paycheck. Symmetry Software, the creators and masterminds behind PaycheckCity.com, do extensive research and even have a full-time CPA CPP on staff to guarantee the accuracy of the calculations.
2007-05-04 07:46:07 · answer #3 · answered by Jordan 3 · 0⤊ 0⤋
It depends on where you live and who you live with. Also how much you make.
2007-05-04 07:26:48 · answer #4 · answered by joe d 4 · 0⤊ 0⤋