My girlfriend has been offered a job making $42,000 a year. We need to know what she can expect to pay in federal, FICA, and state taxes (Virginia) to get an estimate of her bring home pay? Single, no children...Help!
2007-08-29 10:16:22 · 4 answers · asked by JMUMA 1 in Business & Finance ➔ Taxes ➔ United States
I can't believe that out of $42,000 she would end up paying over $14,000 of it in state, federal, and fica!! Thats outrageous! So out of 42,000 she would only bring home about 28,000?? This is according to paycheckcity.com!
2007-08-29 10:59:49 · update #1
Here's a paycheck calculator website, www.paycheckcity.com
2007-08-29 10:28:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Run the numbers again - I came up that she'd get around $31,275, using paycheckcity. Her total for FICA and for federal and VA taxes will be a little under $11,000 for the year.
2007-08-29 13:43:12 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Can't help with State but in general, you can't expect an average 23% for fed, SS and medicare to be stolen from your check.
Of course when the FAIRTAX ACT H.R. 25 passes, you will have no income tax. you keep all your check less State taxes. check it out. www.fairtax.org
Frequently Asked Questions about the FairTax http://www.fairtax.org/fairtax/faqs.htm
2007-08-29 13:01:08 · answer #3 · answered by Anonymous · 0⤊ 3⤋
your calculations could be correct.
vote for ron paul if you want to change it
i 1099ed almost identical and after deductions it was about 10K but I wrote off close to 8K so that could be correct
2007-08-29 12:10:33 · answer #4 · answered by Boston George 3 · 0⤊ 2⤋