I am 17 years old and am currently working at kmart. I want to know how much money do i get taken away for the taxes from my paycheck. I get payed $7.50 per hour and work about 30 to 35 hours every 2 weeks. I also get my paycheck every 2 weeks. Currently I did the math about how many hours I worked in the past 2 weeks and i multiplied the hours by 7.50 and got around $255. When i got my paycheck i got only $206. So how much exactly do i get taken away?...and is there a formula to know exactly how much money i get taken away from the taxes?
2007-08-03 08:29:14 · 5 answers · asked by JM23 1 in Business & Finance ➔ Taxes ➔ United States
social security tax is 6.2%, and medicare tax is 1.45% of your paycheck, federal and state withholdings vary depending on income level, marital status, and how many exemptions claimed on W-4. I've attached a link to a website that helps with payroll calculations.
2007-08-03 10:12:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You'll pay 7.65% of each paycheck for social security and medicare - your employer will match that amount. Tht would take close to $20 out of each paycheck. If you are still a dependent of your parents, you'll owe a little federal income tax at the end of the year - probably between $100 and $150. That would be around $4-$6 per paycheck. What they actually take out depends on what you put on your W-4, but if they take out too much, you can file a tax return at the end of the year and get any extra refunded to you.
Depending on where you live, there might be other deductions, such as state and local taxes.
2007-08-03 09:03:45 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Well, you have your pay stub in hand so now you know! $255 - $206 = $49 withheld for taxes.
7.65% will always be withheld for Social Security and Medicare. Federal and state income taxes vary based upon your gross income so there is no flat % that is withheld.
At the end of the year you'll file a tax return and any excess will be refunded to you or if you have an outstanding balance you'll have to pay it.
If you want to see how the numbers would crunch out for different size paychecks, go here: http://www.paycheckcity.com
2007-08-03 08:36:41 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you made $255 and only got $206 then that's 20%. I would expect that to be correct for someone making that amount. I make more than that and pay about 35%. At the end of the year when you do your tax return, chances are you won't make enough to owe as much as you paid in and should get a small refund.
2007-08-03 08:34:00 · answer #4 · answered by Luv2Answer 7 · 0⤊ 0⤋
It works because those whom you consider "Job Creators" are NOT job creators. Simple enough for you?
2016-03-16 06:11:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋