I'm 15 and im about to get a job and if i make minimum wage which is $6.85 and hour and i can work 15 hours how much will they take out in takes? ill make $411.00 a month but i want ti know how much i will have after taxes
2007-05-22 00:35:33 · 2 answers · asked by vilsonapo 1 in Business & Finance ➔ Taxes ➔ United States
Each 15 hour pay period will expose you to $ 7.86 for FICA aka SOCIAL SECURITY/MEDICARE tax bite. For the year 2007 it appears you will be working for about 7 months; meaning you will earn in the neighborhood of $ 3,000.00; so you will have no income tax liability either state or federal. Follow the instructions on the form W-4 when you fill it out; you should not have any state or federal withholding taken out.
2007-05-22 04:09:21 · answer #1 · answered by acmeraven 7 · 0⤊ 0⤋
They'll take out 7.65%, or $31.44, for social security and medicare. You won't get that refunded to you.
If they take out federal income tax, you should get it all back at the end of the year. State income tax depends on where you live - you might or might not owe anything.
2007-05-22 09:55:57 · answer #2 · answered by Judy 7 · 0⤊ 0⤋