2007-05-08 07:29:09 · 5 answers · asked by ? 4 in Business & Finance ➔ Taxes ➔ United States
Look at IRS publication 15(Circular E)
2007-05-08 10:29:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The lower number of dependents claimed, the less is deducted. I did think the lowest was 1, although you may have an exemption or something. Claiming 1 is normally the lowest legal allowance. It is about $10 for every $50 earned, for 2, so the lower the claim, the less will be deducted. If you earn $670, the deduction will be about $137.
2007-05-08 14:50:24 · answer #2 · answered by Marissa Di 5 · 0⤊ 1⤋
Claiming zero withholding allowances will result in the highest amount of income taxes being withheld from your pay (federal and state income taxes). Social security and medicare tax withholding won't change, as it is a flat rate. However, because the withholding tables are based on the income tax tables, and the income tax tables are progressive rates (the more money you earn, the higher your tax rate is), the amount of federal and state income tax withholding will vary based on your income. If you earn $10,000 a month in gross salary, your income tax withholding will naturally be a higher percentage of your gross salary than if you earn $1,000 a month, as $10,000 a month will put you into a much higher tax bracket.
2007-05-08 15:30:09 · answer #3 · answered by jseah114 6 · 1⤊ 0⤋
you can go to irs.gov and look for the 2007 withholding charts for your federal withholdings.
you will have 7.65% withheld for social security on top of that.
you also need to check with your state website to see what the state withholdings will be.
2007-05-08 17:14:01 · answer #4 · answered by D D 2 · 0⤊ 0⤋
That depends on how much you make. No answer possible without knowing that.
2007-05-08 15:30:35 · answer #5 · answered by Judy 7 · 0⤊ 0⤋