2007-06-13 13:22:19 · 8 answers · asked by mrgo27 1 in Business & Finance ➔ Taxes ➔ United States
100%
New simplified Wisconsin tax form.........
How much did you make?________ Send it in
If your income range is between $0 and $8,610, your tax rate on every dollar of income earned is 4.6%.
If your income range is between $8,611 and $17,220, your tax rate on every dollar of income earned is 6.15%.
If your income range is between $17,221 and $129,150, your tax rate on every dollar of income earned is 6.5%.
If your income range is $129,151 and over, your tax rate on every dollar of income earned is 6.75%.
Don't forget federal taxes, and FICA
Luck
2007-06-13 13:24:46 · answer #1 · answered by spam_free_he_he 7 · 0⤊ 1⤋
Save 40% of your check, in an interest savings account of some sort. Then at the end of the year, when you do your taxes you'll have enough to pay for the taxes plus you may have earned some interest off that making it worth it. Best thing to do, is to estimate what you'll make by the end of the year, then look at 2006 taxes and see what you paid/would pay and base it on that and take an equal amount out of each check.
2007-06-13 13:26:24 · answer #2 · answered by jprofitt303 5 · 0⤊ 0⤋
A percentage can't be given without knowing the total income and expenses. If you make $100 a week the percentage is probably zero but at $1,000,000 maybe you can save 50% and still live like a millionaire.
2007-06-13 13:26:23 · answer #3 · answered by Barkley Hound 7 · 0⤊ 1⤋
You'll pay 15.3% of your net income for self-employment tax (social security and medicare). Net income is the total you took in minus your deductible business expenses.
As far as income taxes, it depends on your total income, your filing status, and if you have dependents and deductions. If you're somewhat middle income, figure 15% for federal, 5% for WI. If you are doing well and making quite good money, you'll probably owe more than that.
You'll need to make quarterly estimated payments both to the feds and to WI.
2007-06-13 14:07:53 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
20% federal and whatever percent state income tax is 5 to 8%. ~
Don't forget FICA!
2007-06-13 13:31:20 · answer #5 · answered by Anonymous · 0⤊ 1⤋
I live in Oklahoam and I calculate 22.5% per check, that's income tax, plus FICA, SS, and all that crap. I never pay in.
2007-06-13 13:26:45 · answer #6 · answered by Randi 2 · 0⤊ 1⤋
save every penny you earn from jan. thru may for uncle sam the rest is for you
2007-06-13 13:27:29 · answer #7 · answered by john l 1 · 0⤊ 1⤋
about 30 percent and you should cover yourself, it works for me most of the time
2007-06-13 13:25:42 · answer #8 · answered by outg426 4 · 0⤊ 1⤋