how to figure check after taxes?

Question

i want to know how to figure out how much my paycheck will be after the taxes come out...say i make $320.00 how much will that be after taxes come out???

Answer 1

Too many unknown variables to say. Is that weekly, bi-weekly, monthly, or some other pay period? Can you be claimed as a dependent by another taxpayer? Married or Single? How many dependents? Any deductions?

The above poster is in dreamland, taxes won't be anywhere near that high. For 2007, the first $9,750 won't be taxed if you're Single and not the dependent of another taxpayer -- $3,400 personal exemption and $5,350 standard deduction. The remainder would be taxed at 10%, or $689. FICA at 7.65% on the gross would be $1,273 for a total Federal bite of $1,962 for the entire year, or a little less than 12% of your gross income. If your state levies an income tax, you'll have to figure that in as well but it will be less than the Federal bite in virtually all cases.

Go here for some handy estimators: http://www.paycheckcity.com

Answer 2

Since you don't say how often you're paid and make that $320, or your filing status and whether you're a dependent, and whether you have any dependents, or where you live, it's impossible to answer your question.

If you are working as an employee, they'll take out 7.65%, or $24.48, for social security and medicare.

Federal income tax withheld depends on what you put on your W-4.

Depending on where you live, there will very likely be something taken out for state income tax (most states have one) and possibly for local income tax.

Answer 3

The new 1040 Extra-EZ, courtesy of the Democrats:

How much did you make? __________

Send it in.

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Figure $6,000 won't count toward your taxes.... and then 40% of the rest goes to FICA and income tax.

If you make $320 a week.. thats 16640/yr... Appx $10,000 taxable at 40%... about $76 of the $320 will go to taxes.