I'm in TN and I'm in a low income bracket, being paid 9.16/hour FT. I'm trying to budget out my monthly expenses--I have NOT recieved a paycheck yet so I can't just look. Does anyone know??
2007-10-13 10:31:29 · 7 answers · asked by belle 5 in Business & Finance ➔ Taxes ➔ United States
%^&* me! Really?? Maybe I should apply for welfare, lol...
2007-10-13 10:42:26 · update #1
If you're paid weekly, this is what your paycheck should look like:
Weekly Gross Pay: $366.40
Federal Withholding: $30.33
Social Security: $22.72
Medicare: $5.31
Tennessee: $0.00 (No income tax in TN)
Net Pay: $308.04
That's if you're claiming one withholding allowance which is about right for a single individual.
Your total tax burden is a bit under 16%, not 25% or 28% as some rubes have claimed.
I'm not sure where Anne R got her numbers, but even if you claim 0 withholding allowances you won't pay $110 in Federal income tax in 2 weeks. It would be closer to $80.00
2007-10-13 12:30:46 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
According to the tax tables of IRS, you are in the 15% tax bracket. The first $7,825 is taxed at 10% and for you the balacne is at 15%. You also have 7% taken out for Social Security. Tennesse acording to the website below doesn't have a state tax, so depending on how many hours a week you work I guess you have enough information to do the math.
2007-10-13 11:25:59 · answer #2 · answered by Steveo 5 · 1⤊ 0⤋
Sorry to tell you, but yes, they can take your BAH. My husband got audited when adding me as a dependent and they found that he had been overpaid a few years ago when he was previously married. So, they didn't pay him at all when it came to next payday, and they said that if he didn't want to pay back the amount in full before next pay day, he would only be getting about $300 each check so he didn't default on his car payment. It got so bad that he almost had to send me back to Michigan to live with my parents while he moved into the barracks. Luckily he was able to get a loan from our bank to pay off the amount and he ended up getting paid as normal the next pay day. It sucks, but technically the military can do whatever they want, especially if your contract is up and you owe them money.
2016-03-12 21:20:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The exact amount withheld from your check is going to be dependent on how you filled out your W-4. I'm going to assume you don't have any dependents and you will be paid every two weeks. I anticipate your withholdings and take home pay to be:
80 hours x $9.16 = 732.80
Federal: 110.00
FICA: 55.00
No State Tax 0.00
Net Take Home Pay: 567.80
2007-10-13 10:59:19 · answer #4 · answered by ALR 5 · 1⤊ 1⤋
that's an interesting question
2016-08-26 02:49:23 · answer #5 · answered by ? 4 · 0⤊ 0⤋
under 25,000 a yr tax will be in the neighbor hood of 28%
2007-10-13 10:39:40 · answer #6 · answered by jim1 5 · 0⤊ 2⤋
You always want to figure that the gvt. takes 25% of your gross pay.
2007-10-13 10:39:12 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Want to see the answer to this too
2016-09-19 10:20:38 · answer #8 · answered by ? 2 · 0⤊ 0⤋