I want to know how much they are going to take from my $516.
2007-09-21 09:54:35 · 8 answers · asked by Cassy 1 in Business & Finance ➔ Taxes ➔ United States
$71.62.
2007-09-21 13:26:37 · answer #1 · answered by LC 2 · 0⤊ 0⤋
If the person making payments to you is not withholding any taxes they are treating you as a self-employed individual (an independent contractor.) Self-employed people pay their tax on a quarterly basis using a payment voucher called a 1040-ES. You can access blank forms on line at the IRS website. The next vouchers are due September 15, 2006 and January 15, 2007. The amounts of the vouchers almost require preparing a proforma tax return for 2006 but there are some safe harbor rules that will help you determine the minimum amounts due with those vouchers. Most accountants or tax preparers can help you with these rules. They take about 15 minutes to explain and don't lend themselves to a quick answer or percentage. It sounds like you believe you are an employee and your "employer" is treating you like a self-employed person. You will need to resolve this with your "employer."
2016-05-20 03:45:29 · answer #2 · answered by vida 3 · 0⤊ 0⤋
The IRS publication linked below includes withholding tables for Federal Income tax. What you put on your W-4 must be know to determine the Federal withholding If your state has an income tax, that will be deducted as well. FICA aka Social Security and Medicare, comes to 7.65% above both. There may also be non-tax deductions.
2007-09-21 12:51:39 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
It depends on your job classification and your state. Some states have state tax, some don't, so you'll have to find out if your state does.
If you are clerical multiply $516 by 14.8% (the tax rate for clerical, includes Fed/SSN/Med) which is 76.368 so they will take a total of $76.37 for Federal taxes. You just need to find out if you have state taxes.
I only know the tax rates for clerical and lawn care (17.6%) but you may be able to look up others online.
2007-09-21 10:01:15 · answer #4 · answered by mamak2327 3 · 0⤊ 0⤋
There are too many variables to answer. You have FICA, FIT, SIT, and many other things that might be coming out. What did you claim on your W-2? Is there state income tax where you live? Need more info.
2007-09-21 10:02:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
All of the money will be subject to Social Security tax at 7.65%. As for income tax, that depends on the number of withholding exemptions that you claim. check with your payroll or HR department for details.
2007-09-21 10:04:37 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I usually figure anywhere from 20-22%
2007-09-21 10:02:16 · answer #7 · answered by steeny_2004 3 · 0⤊ 0⤋
go to www.paycheckcity.com and plug your info into the paycheck calculator
2007-09-21 12:25:21 · answer #8 · answered by Anonymous · 0⤊ 0⤋