ok if you make about $8,000 a yr but your just starting out how much money is taken off for taxes and remember age fifteen no house no car
2007-07-25 06:14:34 · 2 answers · asked by decemberdog94 1 in Business & Finance ➔ Taxes ➔ United States
You will owe close to $300 in federal income tax. If you fill out your paperwork (a "W-4") showing zero exemptions, the withholding on your paycheck should come out approximately equal to the taxes you owe.
In addition to the federal income tax, Social Security and Medicare taxes will be taken out. They total 7.65% of your pay, so that is about $600.
If you live in a state with income tax, that will be taken out. There will also be small amounts taken out for unemployment tax.
So, figure about $1,000 of your pay will go to taxes. If there is too much federal tax taken out, you will get that back when you file your tax return. You will be required to file a tax return if you make $8,000.
2007-07-25 06:57:41 · answer #1 · answered by ninasgramma 7 · 2⤊ 0⤋
Are you still a dependent of your parents? At 15, I assume that you are.
You'd have 7.65% taken for social security and medicare - that would be around $612.
If you are a dependent, you'd owe somewhere around
$265 for federal income tax.
Depending on where you live, you might also owe state and/or local taxes - without knowing where you are, that's impossible to even estimate.
2007-07-26 20:00:10 · answer #2 · answered by Judy 7 · 0⤊ 0⤋