If I make $120 a week (20 hours, $6 an hour), how much would I have after taxes? I don't know if this is important or not but im a single 17 year old.
2007-08-18 19:36:05 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
There are a number of factors that you have not provided such as: What state you live and work in? Will you be a dependent on someone elses return(like your parents)? The following numbers assume no state withholding or SDI. If you wish to recalculate them with the above information you can do so on this site: http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp
Weekly Gross Pay $120.00
Federal Withholding $6.90
Social Security $7.44
Medicare $1.74
Net Pay $103.92
2007-08-19 05:02:14 · answer #1 · answered by ? 6 · 0⤊ 0⤋
To figure your income taxes, an annual wage is needed.
If you earned less than $5,350 ($8,750 if you are not a dependent) in 2007 and had no other income from savings or investment, then your federal income tax is zero. If any federal income taxes are taken out that you do not owe, you can get a refund by filing a tax return.
Besides income tax, you will owe 7.65% of your pay to Social Security and Medicare. So about $10 a week is taken out of your pay for that. There may be small amounts for unemployment insurance or state or local taxes as well.
2007-08-19 00:30:10 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
If you make that much for 52 weeks, your total income for the year would be $6240. You'd pay $477.36 of that for social security and medicare for the year. If you are a dependent, and at 17 if you are living at home you most likely are, you'd pay around $89 for federal income tax for the year. Depending on where you live, there might be other deductions for state and/or local taxes.
So you'd pay around $11 a week for taxes, plus whatever state and local tax you might owe. You should still have over $100 a week though.
2007-08-19 03:50:05 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
We had no National Debt 9 years ago. If my history serves me a republican came into office and changed all that. 100 years ago these things did not exist. 100 years ago it was 1908 and Taft was President. Well remembered for his 4 years. I am trying to think of the term that would be used if the US had maintained ownership of all this infrastructure and owned the sole share of an industry. Darn - what is the opposite of free trade and capitalism. In 1907 there was an event called the Panic of 1907, also known as the 1907 Bankers' Panic. Sound familiar? My opinion is when you read propaganda like this use that spark to read the history and seek facts. Why was this worth posting? In my opinion posting and emails like this help to spread ignorance.
2016-05-17 06:04:57 · answer #4 · answered by ? 3 · 0⤊ 0⤋
When you don't have any dependents other than yourself, you will pay more in during the year (about 40%=$48). The cool thing is that you will probably get it all back at tax time.
2007-08-18 19:45:39 · answer #5 · answered by lynnguys 6 · 0⤊ 0⤋
You can usually figure on at least 25% of it going to taxes.
Ever wonder why the government acts as if the money you make is theirs (you have to show them a record of every penny you make) and they let you keep some of it?
2007-08-19 04:44:58 · answer #6 · answered by Aunty Social 3 · 0⤊ 0⤋
15 % federal income tax
6.52 % Fica
1.45 % Medi-care
plus your states income tax
2007-08-18 19:45:37 · answer #7 · answered by Jan Luv 7 · 0⤊ 1⤋
$86.40
2007-08-21 15:05:06 · answer #8 · answered by Jovesash 4 · 0⤊ 0⤋