Taxes.....?

Question

I'm 16 and just got my first job, what percentage of my money are taxes going to take out of my first paycheck?

Answer 1

That depends on how much you make. They'll take 7.65% for social security and medicare in any case. If you make under $100 a week or so, they probably won't take anything for federal income tax - if you make over that, they will take something, and the % depends on your income for the pay period and what you put on your W-4.

Depending on where you live, there might be additional deductions for state and/or local taxes.

Answer 2

1. Since this is your first year you must know your filing status. It may be Single Dependent if your parents can claim you a dependent.
If someone can claim you a dependent, then you can't claim your own exemption.

2. If you meet the filing requirement, then you must file tax return for 2007 by April 15, 2008. Even if you are not required to file, then you should file to get refund of federal tax and state tax (depends upon your state) withheld.

3. For Single dependents, you must file a return if any of the following apply.
• Your unearned income was more than $850.
• Your earned income was more than $5,350.
• Your gross income was more than the larger of:$850, or Your earned income (up to $5,050) plus $300.
• Your self employed income is $400 or more.

Answer 3

I used to work at a city college bookstore when I was 17, it was my first job. They took out about 20-22% for taxes...

Answer 4

Go here: http://www.paycheckcity.com for some handy and highly accurate estimators.

Taxes depend upon your income and what you put on your W-4 for withholding allowances. There is no fixed percentage, aside from Social Security (6.2%) and Medicare (1.45%).

Answer 5

it is always prudent to think of 20%. There is federal tax, state tax, Social security withholding,
I have found that to figure a straight 20% will be reasonably close to the total withholding.