im 15 and i'll be working at mcdonalds i live with my parents and have no bills how much tax will they take out of 150$ please let me know soon
2007-07-24 06:58:57 · 9 answers · asked by imadude 2 in Food & Drink ➔ Other - Food & Drink
depends on how you filled out your W-2...
2007-07-24 07:04:00 · answer #1 · answered by biology_freak 5 · 0⤊ 0⤋
They will take tax but at the end of the year you will get most of it back(as a tax exempt student -consider it a savings account) but the estimate calculation is :
Weekly Gross Pay
$150.00
Federal Withholding
$3.00 (refundedd at tax time ~ 4/15)
Social Security
$9.30 (this will be held and accrued until you are 65)
State Tax (will also be refunde but without knowing your state it is difficult to calculate so I left it out)
Medicare
$2.18 (no reimbursement here unless you ever draw unemployment or disability)
----------------
Net Estimated Pay
$135.52
Good Luck!
2007-07-24 14:10:55 · answer #2 · answered by Walking on Sunshine 7 · 0⤊ 0⤋
That depends on your deductions you claimed on your w-4 form. If you went exempt then no federal tax will be with held. you may still pay state tax at a % of your income and they will deduct for fica as well.
2007-07-24 14:05:36 · answer #3 · answered by carl d 2 · 0⤊ 0⤋
it depends upon which state you live in, and how much you claim on your w-2 form. figure roughly 28-32 percent will be withheld.
probably somewhere between 42 and 48 dollars.
2007-07-24 14:06:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
file your 1040 with 1 exemption to get the least taxes taken out
More $ for YOUR pocket
2007-07-24 14:06:51 · answer #5 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
depends where you live are you paying city and state tax? Did you fill out one or zero on you w2. filled out one you will get less taken out and fill out zero you will get more but get it all back at the end of they year. you still have to pay fica and ss. Welcome to the real world..
2007-07-24 14:11:26 · answer #6 · answered by seapigsfly 3 · 1⤊ 0⤋
It depends what state your in...but maybe like 40-50 dollars.
2007-07-24 14:05:16 · answer #7 · answered by Reda T 5 · 0⤊ 0⤋
Each state is differenct-some have state tax and some don't--not much you can do about it no matter what it is!!
2007-07-24 16:35:26 · answer #8 · answered by Tammy 4 · 0⤊ 0⤋
probably about 45
2007-07-24 14:02:22 · answer #9 · answered by Anonymous · 0⤊ 0⤋