How much money can I expect to have deducted from my paychecks if I claim '1' ?

Question

I'm single, I have no children, rent an apartment and I will be starting a full time time job in Sept. I will be making 36,600 a year, and I will be claiming '1'. How much can I expect to have deducted from my paychecks? 1/3, 1/4, 1/5?
I know its impossible to get an exact answer, however I am just looking for an estimate.
Thank you!!

Answer 1

Around 20% would come out for social security, medicare and federal income taxes. Depending on where you live, additional might come out for state and local taxes - the amount varies a lot depending on where you live.

You might also have deductions for such optional things as health insurance and 401K.

Answer 2

It is possible to give you an exact answer for Federal taxes.. The link below has it. Without knowing how often you are paid, I can't tell you which one of the tables in the linked IRS publication to use. I do know the exact answer is in one of them. State taxes depend on your state, but a similar document IS available. Non-tax deductions (i.e. insurance) can't even be guessed at.

Answer 3

Everyone's situation is different... different state tax rates as well as child care situations...by claiming "1", you are in essence only claiming yourself... generally single people claiming themselves and making under 50K a year will see roughly a third of their check being withheld... but everyone is different, so I suggest you use the IRS withholding estimator tool to figure yours, as well as checking with your state's own tax website ! The IRS tool is located here : http://www.irs.gov/individuals/article/0,,id=96196,00.html

Answer 4

I'd guess about 24%.
You'd be better off to claim zero--then you'll definitely NOT owe at tax time...and probably get a nice refund.

Answer 5

Go to paycheckcity.com and you can enter your pay info w/tax infor etc. it'll give you what you'll owe/make etc.