i am 23 and single, working in SF, i just got my first paycheck and i was SHOCKED by the amount of tax showned on there!
i think i paid about 40% semi-monthly.....
is that correct??
2007-10-12 07:26:23 · 7 answers · asked by frankie1996 1 in Business & Finance ➔ Taxes ➔ United States
There is absolutely no way for anybody on here to answer that question. There are too many variables involved (your income level, will you be itemizing or taking the standard deductions etc.). I assume your employer had you fill out a W4 form to determine what your withholding amount should be.
2007-10-12 07:32:06 · answer #1 · answered by lunatic 7 · 0⤊ 0⤋
It depends on different variables. At the end of the year you'll do your taxes and calculate. If too much is being taken from your check (sounds like it might be) you will get a refund.
Are you really expecting a concrete answer on here? If you are, I've got a bridge to sell you...
2007-10-12 14:30:08 · answer #2 · answered by snoopy 5 · 0⤊ 0⤋
I think it basically depends on you're yearly salary.
In math terms it's a piecewise defined function where x is you're yearly income:
between 0-15,000 you pay no tax
between 15,000.01-40,000 you pay 15% on you're income above 15,000
Equation: .15(x-15,000)
and anything above that you'd pay 28% on you're income above 40,000 after you take the 15% for that 40,000
Equation: .28(x-40,000)+3750
the 3750 accounts for the 40,000 you'd made
so its really .28(x-40,000)+ (.15(40,000-15,000))
again, so you only pay 28 percent on you income above 40,000
and 15 percent on you income below 40,000
This is just an example my percentages aren't accurate; it's a complicated thing to understand.
Hope that helped a little.
2007-10-12 14:46:09 · answer #3 · answered by Matty B 3 · 0⤊ 0⤋
I don't think you have told the whole story. Exactly what was deducted for what. 40% seems high unless you are earing a really hefty salary.
2007-10-12 14:29:15 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Your tax withheld depends on what your deductions are,if it is zero then you pay higher taxes but get a larger income tax check,if your deductions are 1 or higher then you pay less tax and get a smaller income tax check...........and it depends on your tax bracket..............
2007-10-12 14:31:37 · answer #5 · answered by sirmrmagic 6 · 0⤊ 0⤋
Possibly, but check whether you made a mistake on your W-4. That would affect it.
2007-10-12 18:11:08 · answer #6 · answered by StephenWeinstein 7 · 0⤊ 0⤋
the more children you have the less taxes you have to pay.
2007-10-12 14:29:19 · answer #7 · answered by Anonymous · 0⤊ 0⤋