I'm 17 years old and just got hired at a CVS in NJ. This is my first real job (caddying I was considered independant and got paid in cash daily). How much (Percentage wise) will I get taken off in taxes and will I get these back?
2007-11-14 23:35:54 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Not very much.
I recommend that you start putting some money into a Roth IRA to get some tax free gains for retirement.
2007-11-14 23:40:22 · answer #1 · answered by Feeling Mutual 7 · 0⤊ 0⤋
It's safe to assume that 27to 32 percent will be taken out of each check. You will get some back at the end of the year but it's just hundreds(all pending) I agree in setting up an IRA NOW!!!!!!! And in a few years buy a little house over in PA. You will be way ahead of the game in life when you are my age (34) I too live in NJ (Flemington area) Cash is nice so caddying part-time isn't a bad gig. Nor, any cash job. But stick with the benefits,401 k etc.. good luck. (added) If you make 10 per hour you will leave with 7 per hour. Lady is crazy saying less than 10 pct. not from NJ
2007-11-14 23:48:20 · answer #2 · answered by Paint Expert 3 · 0⤊ 1⤋
They'll take 7.65% for social security and medicare - you won't get that back.
They might or might not take anything for federal income tax - it depends on how much you make. State and local income tax depend on where you live. You might or might not get any of those amounts back.
Put zero allowances on the W-4 form they'll give you to fill out.
Your caddying was taxable income, whether you were paid in cash or not, so if you made over $399 in any year you were legally required to file a return and pay tax on it.
2007-11-15 02:13:02 · answer #3 · answered by Judy 7 · 0⤊ 1⤋