I just started a new job and will claim my new wife and newly born dauther on my taxes, how much will uncle?

Question

sam want if I make $600 per week? how much do I keep exactly?

Answer 1

Well, if you are making $600 per week then you will earn over 1 year $31,200. But as far as telling you exactly how much will you get to keep, I would need further information. Do you have any other income (bank interest, dividends, capital gains, rental property, farm, etc). Does your wife work? Do you itemize or take the standard deduction. Is your newly born daughter (congrats on the new daughter btw!!!), your only child? Also, don't know whether you live in a state that has a state income tax or not so don't know if you will need to have state withholding taken out of your paycheck. I can tell you though that social security/medicare will be withheld out of your paycheck, and if you have no pre-tax deductions (health insurance, 401K, etc) that reduce your taxable wages from $600 per week to something less than that, than 7.65% of that $600 ($45.90) will be taken out of your paycheck weekly for social security and medicare. You possibly could end up getting Earned Income Credit, and because of your newborn daughter, you should also be getting a $1,000 child tax credit as well. I have attached an IRS publication for the earned income credit.

Answer 2

They'll take out about $46 each week for social security and medicare.

Your income tax would be a little over $1000 for the year, but you'd get and earned income credit of around $2700, so you'd end up not owing anything and getting about $1700 back. What you have taken out each pay will depend on what you put on your W-4 form, but if anything is withheld, you'll get it back when you file your taxes next year.

Depending on where you live, there might be state and/or local income taxes also due.