how much will i pay for taxes?

Question

I am 16 and will be making $12 an hour and working full time. How much will I be taxed???

Oh yeah-i live in NY too!

Answer 1

That will come to around $25,000 a year. You'll pay 7.65% for social security and medicare, which is a little over $1900 a year. If you can be claimed as a dependent by your parents, you'll pay around $2550 for federal income taxes, or around $2000 if you can't be claimed. Another $1700 maybe for NY, plus maybe something local depending on where you live.

I hope at 16 you're still in school. $12 an hour can look like a lot now, but won't look like so much 10 years from now. Working full time while still in high school can be a problem with having enough time to get your education and still get some sleep.

Answer 2

If you are willingly to upgrade your knowledge level, there is a way that you can effectively create a zero income tax position.

Something that merits your attention is the concept of using an offshore (Canadian) employment service provider.

The IRS codes have a position known as 'leased employee', wherein your services are supplied to your current employer, thus eliminating any tax liability to the employer.

The situation here is that the leased employee utilizes an employment loan. This literally means that their are no taxes owing.

It is generally conceded that an income is a benefit enjoyed or received. An employment loan is a debt, and debt is not taxable.

Over the last 20 years this practice has developed so that the use of personal service business can now legally avoid all income tax by turning a salary into a loan.

Consequently, by choosing the right Employment Service Provider, there is no incentive for either the personal services business to pay the salary owing to the leased employee or for the leased employee to repay the loan. Both the salary and loan can be left outstanding forever.

Also recommend a Fiscal Challenge Test! In 1996 it was reported that better than 85% of the people were Financially Illiterate, with that rising to 95% in the last ten years.

Remember the Taxing Authorities rely on the fact that you have not yet discovered that where there is debt there are no taxation powers, at least at the income level.

hope this helps you out

In the links list below please find the following;
1. report - complex money & finanical illiteracy
2. report - money as debt
3. Canadian Tax - Employment Loans - Incorporated Employee
4. IRS Circular - Leased Employee (page four)
5. Canadian Employment Service Provider specializing in employment loans for Americans

Answer 3

Calculate 75% of your income. That 75% will be approximately how much you bring home after taxes.

In your case, 12$ x 40 hours = 480$
480$ x 75% = about 360$ after taxes per week

Save save save lol!

Answer 4

You may have locality taxes as well depending on where you live in NY.