I live in New Jersey, and I just got a minimum wage job. How much will be taken out of my paycheck for taxes?
2007-09-20 14:31:00 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I'm 16 years old, by the way. I don't understand deductions and benifits and everything..
2007-09-20 15:08:03 · update #1
I assume you live at home with your parents and when you filled out your W4 form, you indicated that you have zero dependents.
The computer will calculate your Federal Income Tax based on that W4, but I would estimate between 10 and 15% of your gross income. You will also have state tax taken out at about 5-9%. The last thing will be your Social Security and Medicare tax which will be shown separately but will total 7%.
If your income stays low, you can likely get most of your taxes back in the form of a refund at the end of the year. (not the Social Security and Medicare tax)
2007-09-20 14:39:10 · answer #1 · answered by united9198 7 · 0⤊ 0⤋
Minimum wage may put you in a non tax bracket but you will have to fill out pretax forms stating all your deductions for children , no other income and the maximum will be not taxed as per tax tables for 2007.
2007-09-20 14:39:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
7.65% for social security and medicare. Beyond that, maybe federal and state income tax, but that will depend on how much you make and what you put on your W-4 form.
Good luck on your job.
2007-09-20 14:36:12 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
for me it comes out to 27.3% but I live in PA. You will also get all of your federal taxs back at the end of the year so dont worry about that.
2007-09-20 14:47:32 · answer #4 · answered by Jeremy S 1 · 0⤊ 0⤋