this week I made $463.50 this is my first pay check.. how much will it be after taxes?
2007-08-18 17:03:33 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You will lose 30% in the interest free loan you give to uncle sugar. Now, here is the real rub: It is a "voluntary" tax. See what happens if you do not file a return? Uncle Sugar keeps your $$$. If you lie on your return, you get to wear soap-on-a-rope.
2007-08-18 17:13:23 · answer #1 · answered by Christmas Light Guy 7 · 0⤊ 2⤋
Depends on what you have taken out of your check and how many deductions you have. If you pay insurance out of your check, a 401k program, etc. Those things are going to come out, usually before taxes...and then the taxes come...
Typically unless you have extraneous deductions, you can count on about 80% of your gross pay, which in this case would be about $370.
2007-08-19 00:13:23 · answer #2 · answered by Beth 4 · 0⤊ 0⤋
For the year 2007 you will earn around $9,000. If someone can claim you as dependent, then your standard deduction is $5350 and your Federal income tax for 2007 will be around $370 (10% of $9,000-$5,350). If no one claims you as dependent, your deduction is $8,750. Your fed tax for 2007 will be around $30.
On your total earning you will be 6.2% social security and 1.45% medicare taxes. On a weekly pay check of $463.50 it becomes $28.74 social security and $6.72 medicare taxes.
Then depending upon your state, you have state tax and state SDI (which will be $10 or less).
2007-08-19 09:51:12 · answer #3 · answered by MukatA 6 · 0⤊ 0⤋
You will bring home about $348.
Ever wonder why the government acts as if the money you make is theirs? You have to keep a record of every penny you make so they can decide how much you get to keep.
2007-08-19 11:49:29 · answer #4 · answered by Aunty Social 3 · 0⤊ 0⤋
The preceding answers have handled the math. I would like to remind you that those stupid taxes are providing your education, the streets you drive to school on, the policeman whose presence deters the tweekers from stealing your car, etc, etc, etc. If you don't want to pay the piper, please leave the dance floor.
2007-08-19 00:25:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋
minus about 120 give or take 30
2007-08-19 00:10:26 · answer #6 · answered by just hanging around 5 · 0⤊ 0⤋
Go to paycheckcity.com and enter your info to get an estimate. You don't give enough info for anyone to even make a good guess.
2007-08-19 00:11:57 · answer #7 · answered by Judy 7 · 1⤊ 0⤋
If it were up to democrats, you'd walk away with less than 10%
2007-08-19 00:10:29 · answer #8 · answered by Jeƒƒ Lebowski 6 · 1⤊ 3⤋
depends on what you buy
2007-08-19 00:11:25 · answer #9 · answered by Anonymous · 0⤊ 0⤋