And what is the approximate amount he would recieve in his tax returns.
2007-12-04 03:48:52 · 10 answers · asked by FK 3 in Business & Finance ➔ Taxes ➔ United States
Go to paycheckcity.com and put in your info, and you can see what your deductions and your take-home pay would be. They'll deduct a little over $4200 a year for social security and medicare, and your federal income tax will be around $8130. That would take it down to $42,670. Depending on where you live, there will very likely be state and/or local taxes too.
As to your refund, you'll only get anything back if you have too much withheld, and that depends on what you put on your W-4. If you fill it out according to the instructions, you'll come pretty close to breaking even - little or nothing for a refund, but you wouldn't owe or would owe very little.
A refund isn't money the government just gives you - think of it like you get change at the grocery store if you give them a $20 bill and your items just come to $17. You'll get $3 back (refunded) but it's your money, they didn't just give you something extra.
2007-12-04 04:07:56 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
well that is tough, where do you live, what kind of work, medical expense, tax filing status...........there are so many questions but
55K divided by 12 is about $4580 monthly depending on your tax status (i would do single zero) they would take about 15-25% so say 20% so about 900 leaving you 3680. now do they offer medical and when is your portion, say a single pay would be about 100 a month so now you have 3580 per month. what other deductions do you have retirement, dental, loan....... so rough take home could be 3k to 3500 per month.
that is with single zero tax status where they take the most taxes but this could mean about a 1000 or so returned at the end of the year. filing single 1 they would take less but you return could turn to a i owe at tax time. if you can give up more each pay check for a larger return you can always withhold additional taxes each payroll
2007-12-04 04:10:30 · answer #2 · answered by Acee 3 · 2⤊ 0⤋
Gross monthly = $55K/12
Net monthly = perhaps 65-70% of gross
Tax returns = depends on withholding, deductions and other factors.
2007-12-04 03:53:18 · answer #3 · answered by Anonymous · 1⤊ 0⤋
55k Salary
2016-10-31 13:29:39 · answer #4 · answered by buvens 4 · 0⤊ 0⤋
About $4,500 before taxes. As far as tax return that depends on many variables, it's not just a formula you can plug numbers into and get one out of.
2007-12-04 03:52:37 · answer #5 · answered by Grumble 4 · 0⤊ 1⤋
$55,000
Take about 30% out for taxes, etc... ($16,500)
About $38,500 a year
About $3,200 a month
Can't calculate taxes without knowing about claims, home ownership, etc...
2007-12-04 03:58:09 · answer #6 · answered by Go Bears! 6 · 2⤊ 0⤋
I just took 55,000 divided it by 12 and got 4,583.33, but that would just be gross pay, after taxes may be less.
2007-12-04 03:57:45 · answer #7 · answered by maxi_linda_5 2 · 0⤊ 3⤋
paycheckcity.com will calculate it for you based on your state and withholdings.
2007-12-04 03:57:13 · answer #8 · answered by smoofus70 6 · 3⤊ 0⤋
more than people make at mcD
2016-12-08 01:44:59 · answer #9 · answered by Kringer 1 · 0⤊ 0⤋
it all depends.. full time part time.. which state and what not..
http://www.fileflash.com/allfiles/american_income/
2007-12-04 03:53:18 · answer #10 · answered by Anonymous · 0⤊ 1⤋