I figured about $15.00 a week which would be like making $5.00 an hour. What do you think? Does this sound about right? Which would be $75 a month and $300 a month. Keep in mind I got a C in math so dont make fun of me too much if this is wrong.
2007-07-30 17:43:54 · 3 answers · asked by JDAWG 2 in Business & Finance ➔ Taxes ➔ United States
Your gross will be $87.75 per week. They'll take $6.71 out of that for Social Security and Medicare. If your income will stay at that level for the entire year you won't owe any Federal income taxes as your gross income will be well below the standard deduction amount of $5,350 for 2007. They may withhold a few dollars every week for Federal taxes but you'll get that all back at filing time next year.
If you had zero tax liability last year, you could change your W-4 and claim EXEMPT as long as your income does NOT rise any at all for the rest of the year.
You may still have some state tax liability. You didn't say where you live so it's not possible to say what that liability might be.
You can go here for some handy paycheck estimators: http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp
2007-07-30 17:58:59 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
i say about between$65 to 70
2007-07-31 01:59:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
That sounds about right, and you should be exempt from at least some of the stuff.
2007-07-31 00:53:29 · answer #3 · answered by Bloblobloblob 3 · 1⤊ 0⤋