How much is it?
I got my first paycheck last Friday and they took out 7.2%.
My parents don't know how much it is.
I am single, 18 years old.
Isn't 7.2% a bit too much? Is that federel/state?
I also already tried searching but couldn't really understand anything.
Thanks
2007-08-12 02:10:54 · 4 answers · asked by Batak 3 in Business & Finance ➔ Taxes ➔ United States
http://www.bankrate.com/brm/itax/edit/state/profiles/state_tax_Va.asp
2007-08-12 04:48:47 · answer #1 · answered by pisces02 4 · 0⤊ 0⤋
They should have taken 7.65% just for social security and medicare, plus additional for income taxes depending on how much you make and what you put on your W-4 form. So if the 7.2% is all they took out, they made some kind of mistake, it should be more than that even if it's just social security and medicare with no income tax withheld.
2007-08-12 20:59:09 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Depending on how much you claim on your w-2.... will really effect this...
In the past... claiming myself as an independant... combined federal and state tax removed from my paycheck... was 21%!!!! I talked to my accountant, he said this was normal.
Sorry dude!
2007-08-12 09:24:13 · answer #3 · answered by loki_only1 6 · 0⤊ 0⤋
That is social security, most likely. There's nothing to do about it.
2007-08-12 11:15:36 · answer #4 · answered by tweedropjes 3 · 0⤊ 0⤋