I just started working for the first time since I graduated from college. I received my first paycheck, and the government took out almost $40. I'm single and only claim myself as a dependent. Is this normal?
2007-10-04 04:06:05 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Employer will deduct the social security and medicare taxes of 7.65% and you don't have any choice. You have to pay this.
For your federal and state taxes, the employer is deducting with the assumption that you earning this amount since January 1, 2007. But since you have started working now, your total income for 2007 will not be much. When you will file your income tax return for 2007, you will get refund of a major part of your federal tax and state tax withholdings.
So ultimately it does not make any difference if on your W4 you claim 0 or say 5. If you claim 0 you will get bigger refund and if you claim 5, you may have to pay additional tax and interest.
2007-10-04 05:17:26 · answer #1 · answered by MukatA 6 · 0⤊ 1⤋
That depends on how much you were paid. If you earned $50, they withheld $40, and you received $10, that is not normal. But if you earned over $500, then they probably withheld too little!
2007-10-04 08:40:44 · answer #2 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Depends on how much you make and how often you get paid, bu $40 doesn't sound like much unless your paycheck is very small.
2007-10-04 11:15:42 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
$40?
Thats cheap
I pay about $275 a check and I dont make alot of money.
your question of WHY?
They have to pay for everything that "the government gives us" --- Social services, etc.
even though the government pays for social services, who do you think pays the government?
2007-10-04 04:11:40 · answer #4 · answered by teamlessbear 4 · 0⤊ 0⤋
Government is ripping us off by taxing us to death...income tax, property tax, sales tax, execise tax.etc. etc.
2007-10-04 04:21:28 · answer #5 · answered by Harley Lady 7 · 0⤊ 1⤋