How much taxes should be coming out of my paychecks?

Question

I make 10.50 an hour I work 40 hrs a wk I claim 3 dependents and I file a single marital status. And how much would or should come out if I changed my marital status to Head of household

Answer 1

All employers are required to withhold Social Secury tax at 6.2% and Medicare tax at 1.45%. On $420.00 ($10.50 per hour times 40 hours per week), this is $26.04 and $6.09. On $840, it is $52.08 and $12.18.

If you are eligible for Earned Income Credit (EIC), you probably don't need to have federal income tax withheld (Social Security and Medicare taxes are not considered federal income tax). Ask your employer what to put on your W-4. Without considering EIC, the federal income tax on $21,840 ($420 per week times 52 weeks per year) would be about $165 for Head of Household with 3 dependents. IF you are eligible for EIC, you would probably get a refund when you file your taxes.

As far as state and local withholding, it depends on where you live. Illinois has an income tax rate of 3.5%, so I'd expect about $8 to $15 to be withheld from $420.

This is a VERY rough guess, based on the information you have provided. But, the good news is, if too much income tax is withheld each payperiod, you will get a bigger refund when you file next year. The bad news is, if too little is withheld, your refund will be smaller, or you may have taxes due.

Answer 2

This was answered on yahoo 6 years ago but this person had 3 kids and it was possibly a different tax rate.
All employers are required to withhold Social Secury tax at 6.2% and Medicare tax at 1.45%. On $420.00 ($10.50 per hour times 40 hours per week), this is $26.04 and $6.09. On $840, it is $52.08 and $12.18.

If you are eligible for Earned Income Credit (EIC), you probably don't need to have federal income tax withheld (Social Security and Medicare taxes are not considered federal income tax). Ask your employer what to put on your W-4. Without considering EIC, the federal income tax on $21,840 ($420 per week times 52 weeks per year) would be about $165 for Head of Household with 3 dependents. IF you are eligible for EIC, you would probably get a refund when you file your taxes.

Answer 3

Based upon the information given, as long as you are single and the dependents are your children, you should be able to claim exempt on your W-4. Even if you don't itemize, you should have no federal tax liabilty and should still get a refund since it appears that you can qualify for EIC.

Answer 4

Circular E should provice the answer from http://www.irs.gov

but why let them have it - anyway -
Let's make April 15 just another spring day

support the Fair Tax HR 25 and S25 now before Congress with over 60 co sponsors - more than any other legislation on tax reform

takes 66,000 pages of IRS code down to 136 - and you can explain this on a 3x5 card - talk about transparent government

does away with payroll, social security, medicare - while funding the govenernment - soc sec and medicare

also capital gains, alternative minimum tax, savings tax, inheritance - 10 major taxes go away - and the government saves more money

it takes 3% of our gross domestic product just to fill in the forms and comply (not PAY) with IRS codes
thats 5 billion hours and $250,000,000,000 - now that's GROSS

Answer 5

There's no HoH status for withholding so it won't matter.

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