how do i calculate what should be taken out of my check? federal taxes, social security, and medicare? i am single with 3 dependants. help!
2007-07-12 12:26:44 · 5 answers · asked by fodiane 2 in Business & Finance ➔ Taxes ➔ United States
You will need to read Publication 15 from the IRS website and find the similar publication for the state that you live. You need to know what you claimed on your W-4 and what your company is using on your W-4 to withhold taxes.
Then you will figure Social Security taxes based on 7.65% of your gross salary.
If you filled out your W-4 as Single with no depenants, then you are having the most taken out of your check.
2007-07-12 13:02:58 · answer #1 · answered by Steve 6 · 2⤊ 0⤋
Go here for some handy paycheck estimators: http://www.paycheckcity.com
The tax bite depends upon many factors such as the things you mentioned but the tax is graduated so your income is a key factor in figuring out what your check should be. The site will help you figure out pretty much to the penny what you should see in your pay.
2007-07-12 13:06:31 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Don't know the percentages but check out http://paycheckcity.com/ it gives an accurate numbers.
2007-07-12 13:00:11 · answer #3 · answered by amarusgear 1 · 1⤊ 0⤋
Your payroll department has a chart ,
Go ask for a copy .
2007-07-12 12:33:35 · answer #4 · answered by kate 7 · 0⤊ 0⤋
Look at your social Welfare society. it may help in time.
2007-07-12 12:32:03 · answer #5 · answered by ? 2 · 1⤊ 3⤋