hi there, i am a 16yr old and recently got me a job at a burger king, i was so happy and worked alot, then this week i got my first paycheck! WOHOOO, but one problem , it says on it total pay $152, but with a $24 tax my net total comes out to be $128, isnt that a bit too much tax? i mean $24 is alot for a 16yr old, and if i keep on getting this tax can i file a return and how much of the original $24 will i get back? thanx for looking
p.s. it says on the agencies that cahrged tax,
it says FED, STNY, LNYR, DINY, FSOC, and FMED
2007-10-01 01:30:33 · 6 answers · asked by usman k 1 in Business & Finance ➔ Taxes ➔ United States
Actually that's not much at all.
FSOC is Social security and would be $9.42
FMED is Medicare and would be $2.20
FED is Federal Income Tax and would vary depending upon how many withholding allowances you claimed on your W-4. Ditto for the NY State & City taxes.
Depending upon your total income for the year you may get some of the Federal and State withholding back. SS, Med, and NY SDI are not subject to refunding.
FYI, US taxes are some of the lowest in the industrialized world. If you lived in Europe (I have) you'd pay nearly double what you pay in the USA.
2007-10-01 01:53:15 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Social Security is 6.2% of your pay. You will get that back with interest if you stay healthy and live to retirement age. Medicare is 1.45% of your pay. You will get that back with interest too the first time you go to the hospital after you are 65. At 16 on your first job, you probably will not owe much, if anything, as income tax so all or most everything withheld in those catagories will be refunded when you file tax returns next year.
2007-10-01 08:53:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The FSOC and FMED you won't get back. You will probably get all of the FED, and maybe the STNY back if you file a return, but that depends on how much you make for the year. If DINY is disability insurance for NY, you won't get that back. i don't know what LNYR is, but sounds like some kind of NY tax, and you probably won't get that back either.
2007-10-01 11:23:08 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If your filing status is Single Dependent then your federal deduction for 2007 is $5,350. That is if your income in 2007 is less than $5,350, and if you file your return you will get all of your FED (federal income tax) deduction back. You should also expect to get most of your STNY (state income tax) back.
You will not get back any part of FSOC (social security) and FMED (medicare) taxes. Also forget about LNYR and DINY.
Make sure to file your 2007 return. Most probably you will be filing Form 1040-EZ. It is quite easy job to do yourself. Earlier your learn better it is.
2007-10-01 08:55:31 · answer #4 · answered by MukatA 6 · 0⤊ 0⤋
All your federal and state/local.
Welcome to the working world kiddo; YOU can file a return in January and get most of the Federal back.
2007-10-01 08:34:17 · answer #5 · answered by wizjp 7 · 0⤊ 0⤋
That sounds about right...
We have relatively low taxes compare to European countries, but still...
If you want your taxes to be higher, make sure you convince all your voting aged friends to vote for the democratic presidential nominee.
.
2007-10-01 08:33:58 · answer #6 · answered by Anonymous · 0⤊ 0⤋