I'm trying to budget my money well to save up for college. I make 74.25/day. Or well 8.25/hour. I'm a student in high school and I live in New York. I know my boss will be giving me a W-2 and I'll be claimed with either 0-1 dependents.
I tried calculating it on paycheckcity, but I'm not familiar with a lot of the tax terminology yet. In the end, the amoutn of taxes being taken out seemed too little.
I just want a rough estimate of the percentage being taken away. Thanks.
2007-07-11 16:35:17 · 5 answers · asked by tori l. 2 in Business & Finance ➔ Taxes ➔ United States
Just a suggestion-fill out your W-2 according to the instuctions so that you will have paid in enough to cover your taxes. As a single person, you pay big taxes. You will also be paying social security (.062 times gross pay) as well as medicare (.0145 times gross pay).
You can go to irs.gov and look at Circular C, I think. They have the charts in the back you are looking for. Across the top they list your number of deductions on your W-4. On the right side they list gross salary. You just go across your gross wages to the right # of deductions and you can find out just what they should withhold from your salary.
That takes care of your Federal Withholding, Social Security and Medicare. Your area may withhold state/city/and other local taxes too.
2007-07-11 17:52:34 · answer #1 · answered by towanda 7 · 0⤊ 0⤋
You work 9 hours a day? I hope you aren't planning to do this when the school year starts up again.
The tax they take out of each paycheck depends on your W-4 info, and each paycheck is taxed like you make that much every pay period all year. So if you work 9 hours a day in the summer but much less during the school year, they'll take out a higher percentage from the larger checks.
Fill out your W-4 with single, zero allowances.
They'll deduct 7.65% for social security and medicare from each check, or about $28. They'll probably take a little under $35 a week for federal income taxes as long as you are working full time. They'll also take around $19 per week for NY state tax. Depending on where in NY you live, there might also be local tax.
These estimates are rough, but should give you some idea of what you'll get.
2007-07-11 18:20:58 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Too much!! Anyone who is single and claims zero gets stuck paying too many taxes. I would count on 1/4 to 1/3 of your wages going for taxes. Just a rough estimate.
2007-07-11 16:44:30 · answer #3 · answered by Anonymous · 1⤊ 1⤋
Whatever you do, Read this article and use it as a guide along with a copy of the constitution. It is extremely important that you learn about the Tax structure ! Pay attention to page #27
www.agenturus.org/IRSFraud.htm
2007-07-11 20:00:34 · answer #4 · answered by skyy 2 · 0⤊ 1⤋
ALOT.
2007-07-11 16:42:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋