If I worked 15 hours out the week and made $6.50 per hour, how much money would be takened out for taxes by the end of the month?
2007-10-15 10:35:35 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Usually nothing for income tax and about 8-10% for the others combined (social security, worker's insurance, etc.)
2007-10-15 10:51:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, you will pay more taxes to MO and the IRS. That said, since tax rates are well below 100% you will still have more dollars in your pocket after tax than you would have had if you didn't take the job. The taxes withheld for the MO job should be enough to cover what you'll owe in MO. If they are withholding less than 6%, have a little extra withheld to cover. You're in the 15% tax bracket with about $18,000 of headroom before you hit the 25% bracket, so adjust the federal withholding so that at least 15% of the gross is withheld for tax. Assuming that you don't earn more than $18k, that will be enough to cover you. Don't forget to report your tips to your employer! They can eat you alive if you don't!
2016-04-08 23:30:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
0.062% for Social Security
0.0145% for Medicare
Other taxes may apply, depending on your state, how many exemptions you claim, and how often you get paid.
2007-10-15 11:51:10 · answer #3 · answered by observationmountain 1 · 0⤊ 0⤋
7.65% for social security and medicare, probably nothing for income tax.
2007-10-15 10:41:19 · answer #4 · answered by Judy 7 · 0⤊ 0⤋