2007-10-12 23:14:40 · 5 answers · asked by Cody 1 in Business & Finance ➔ Taxes ➔ United States
About 20 % of ones pay is held for taxs on a single persons paycheck.
2007-10-13 03:05:35 · answer #1 · answered by south of france 4 · 0⤊ 0⤋
Employer will deduct the social security and medicare taxes of 7.65% and you don't have any choice. You have to pay this.
About Federal withholding, for 2007 the Standard deduction is $5,350 and exemption deduction is $3,400. Thus for a Single who is not dependent of anyone else, if the total income for 2007 is up to $8,750 ($5,350 + $3,400), then there will not be any Federal tax. Your taxable income is 0. This amounts to a salary of up to $168 per week.
Now if your income is more than $8,750 by up to $7,825, the Fed tax slab is 10%. Suppose the paycheck is $300 per week, then the yearly income is $15,600 ($300 x 52). Tax on $6,750 ($15,600 minus $8,750) is $675. That is the deduction per week should be around $13 ($675 / 52).
The next slab of Federal income tax (for Single status) income from $7,850 to $31,850 is 15%.
2007-10-13 01:04:40 · answer #2 · answered by MukatA 6 · 0⤊ 1⤋
Depends on your withholding and the tax rate of your state of residence. (The more withholdings you claimed on your W-4, the less tax they'll take out.) Also, factor in Social Security/Medicare, most likely - although certain public positions don't take out for Social Security - mine doesn't. Check with your human resources office, they should let you know exactly what it is based on your salary.
2007-10-12 23:24:13 · answer #3 · answered by Laeticia 4 · 0⤊ 1⤋
7.65% for Social security tax. Federal and State taxes are withheld based upon your W-4 filings.
Read IRS Publication 15 and the similar publication for your state if you want the exact amount.
2007-10-14 01:51:02 · answer #4 · answered by Steve 6 · 0⤊ 1⤋
depends. 15-30%
2007-10-16 20:51:41 · answer #5 · answered by BadGirlGimpy 3 · 0⤊ 0⤋