How could you figure out, in advance, the dollar amount of deductions each paycheck.
2007-06-30 12:07:18 · 2 answers · asked by rockwitme4000 1 in Business & Finance ➔ Taxes ➔ United States
http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp
Try this site.
2007-06-30 12:19:33 · answer #1 · answered by ? 6 · 0⤊ 0⤋
They'll take out 7.65% for social security and medicare.
Since what's taken out for federal tax depends on your income, how often you are paid, and how you fill out your W-4, there's no easy formula. Download publication 15 circular E from irs.gov - that has all the tables and rules for withholding.
Depending on where you live, there might be additional taxes taken out for state and local. Those would vary by location.
There could also be some non-tax deductions like health insurance, 401k, or many others. Those would be items that you choose to have deducted.
2007-06-30 12:22:10 · answer #2 · answered by Judy 7 · 0⤊ 0⤋