how much does taxes take out of a paycheck?

Answer 1

Yes, it does depend. You have 6.2% taken out for Social Security tax, and 1.45% taken out for Medicare tax. These are the same for everyone, with the exception that Social Security tax stops after you reach $97,500 of wages in 2007. This number is adjusted each year.

The income tax withheld is based on the information you provide your employer on your W-4. You can find this form at www.irs.gov under "Forms and Publications". Once you work through the questions, that is the most allowances you can claim. Usually you don't want to claim this many, since it takes the least out of your paycheck and puts you at risk of owing at the end of the year. You can also use Publication 15-Employer's Tax Guide to find out what will be withheld at each allowance level.

The withholding also depends on how much you are actually making, but income tax withholding does tend to fall around 10% - 15% for the majority of us, however the actual percentage is based on your income and your tax bracket. You are taxed at 10% for income that falls within that tax bracket, and 15% on everything above that up to the next tax bracket. You can find the tables which demonstrate this beginning on page 37 of Pub. 15.

Hope this helps!!

Answer 2

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RE:
how much does taxes take out of a paycheck?

Answer 3

You pay .062 for social security and .0124 for medicare as does your employer. For your income tax, fill out a W-4. Read the instructions on the form and fill out accordingly. Their rules will help you to have paid in about the correct amount so that at the end of the year, you don't owe money. You are required by law to pay in whatever the form dictates you pay so don't try to have less taken out. Our income tax is based on the ability to pay and so Uncle Sam wants it when you have it to give. You can be liable for fines if you do not pay in enough money.

Answer 4

Depends, I once figured out that after all taxes, payroll, property, etc, I was eating about 52% taxes.

Most of your incomes taxes though are on a sliding scale from -X% if you get an EITC, to 35%. Plus you have medicare and FICA taxes, local employment taxes and fees, plus your employers matching FICA contribution (bringing it to 15% total).

I remember being 16 years old working at Taco Bell in 1996 watching big chunks of my check go to the government because of FICA and such. Hurt my feelings then, hasn't gotten better since.

Answer 5

What Will My Paycheck Be

Answer 6

taxes paycheck: https://tinyurl.im/e/how-much-does-taxes-take-out-of-a-paycheck

Answer 7

if im fileing single an exemp....how often would they be taken money out for federal income tax each check

Answer 8

Depends on how much you make -- about 20% - 35%.

Answer 9

It depends on how much you make and where you live. Generally somewhere around 25-30% in the U.S.

Answer 10

if i make $500 a moths