I live in Missouri. I make $6.50 an hour and I have figured up that BEFORE taxes I'll be pulling $530.27. I claimed two on my W-4's or w/e they're called 1 for myself and 1 for being single. Please help I'm desperately trying to make sure I don't get screwed on my pay and start my savings. Thank you.
2007-05-20 13:10:19 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
It's bi-weekly and they worked me some over-time but I'm not sure if it'll be paid as over-time.
2007-05-20 13:52:18 · update #1
Download the IRS's Publication 15 to see how much tax should be coming out of your paycheck. The charts start on page 39.
http://www.irs.gov/pub/irs-pdf/p15.pdf
Check your state's Department of Revenue for a similar publication, but I wouldn't know what it's called. The IRS also takes out 1.45% of your check for Medicare and 6.2% for Social Security.
2007-05-20 13:23:46 · answer #1 · answered by Opal 6 · 0⤊ 0⤋
You didn't say how often you get paid. I'm not sure exactly how you came up with the $530.27. That's 81.58 hours at $6.50/hour. Bi-weekly pay (without overtime) for a standard 40 hour/week job is 80 hours per pay period and semi-monthly would be 86.67 hours per pay period. Are you not working 40 hour weeks or have you already subtracted something out? Without knowing how often you are paid, I can't figure it out, but here's information to help you figure it out yourself.
The IRS instructions to employers on how to calculate withholding of federal tax for 2007 are here: http://www.irs.gov/pub/irs-pdf/n1036.pdf
Similar tables for Missouri can be found at: http://www.dor.mo.gov/tax/business/withhold/forms/2007/
(click on the link for whatever your pay period duration is)
Remember that there's also 7.65% for Social Security & Medicare tax.
Some cities also charge a city income tax. I think that's usually only very large cities, but I'm not sure about that.
2007-05-20 13:27:13 · answer #2 · answered by Dave W 6 · 0⤊ 0⤋
Claiming more deductions means they withhold less from your check for taxes, be careful you don't end up paying at the end of the year. If you are single and don't have alot of financial responsibilities it is better to claim zero deductions and get a tax refund at the end of the year.... as it stands, it sounds like you should get about 400-450 of your check after taxes, don't live in Missouri so that's a general estimate.
2007-05-20 13:26:25 · answer #3 · answered by inthemidwest 2 · 0⤊ 0⤋
I am just too lazy to look it up. Why don't you ask your human resources or payroll person at work? When I worked at a small office, employees always asked those kind of questions and they got answers.
If you can wait a few days, you'll get the answer in your paycheck.
But it will probably be in the 20% range for your income level.
2007-05-20 14:07:04 · answer #4 · answered by BAL 5 · 0⤊ 0⤋
You first must decide if you want the largest possible refund or if you want your money during the year. Once you have made that decision then your answer will be simple to decide. If you want your money at the end of the year change your w-4's to zero.
2007-05-21 03:09:57 · answer #5 · answered by valerie t 1 · 0⤊ 0⤋
Figure that as an outside guess that 20% of your gross goes to various taxes, insurance, SS, etc...
What's left is all yours .
.
2007-05-20 13:18:12 · answer #6 · answered by ca_surveyor 7 · 0⤊ 0⤋