California. How much left after taxes?

Question

My income is going to be $38,500. I have two dependables (elderly parents).

I would like to know approximately how much I can expect to have left after taxes.

This is my first job so I don't know much about this stuff.

Answer 1

This would be your pay bases on a biweekly payrole.

Bi-weekly Gross Pay $1,480.77
Federal Withholding $133.62
Social Security $91.81
Medicare $21.47
California W/H $37.33
CA SDI $8.88
Net Pay $1,187.66

These are the annual numbers.

Annual Gross Pay $38,500.00
Federal Withholding $3,474.00
Social Security $2,387.00
Medicare $558.25
California W/H $970.62
CA SDI $231.00
Net Pay $30,879.13

Answer 2

Generally taxes are about 15 %....so you can count on spending of 85% Federal taxes....then you should subtract the other taxes and I have always used the 5% PYS rule...
that is Pay Your Self 5% into savings....(you can't touch this for less than 3 years)...and that should put you in the 50 % bracket or $20,000.00 ....divide that by 52...(number of weeks in a year to get a weekly spending amount. Add 5% for each child (or should I say subtract 5 percent for extra spending....on their needs...and you would have about $18,000 Left or $350 a week.
Hope that answers your question.

Answer 3

On your income of $38,500 you will be left with approx. $31705:
You will pay Social Security at 6.2% is $2387
Medicate tax at 1.45 is $558
Your deductions = 1 standard deduction + 3 exemptions (about $15,500), so your taxable income is approx. $23000.
You will pay Federal tax around $2350, and CA income tax and CA SDI around $1500.

Answer 4

If you parents are your dependents (not "dependables") and you provide more than half of the cost of a home for them, then you can probably file your return as head of household, whether they live with you or not - parents are the only dependents who don't have to live with you to make you eligible for head of household.

Go to paycheckcity.com and enter your info to get a good estimate of your takehome.