How much tax is taken out of my check?
How much tax is taken out of my check?
I am payed $8.50 an hour and work 10 hours a week. My first paycheck comes in on the 1st and I was wondering how much tax will be taken out. I have done research on the internet and haven't found anything to help me out. I am 16 if that has anything to do with the tax takeout.
Thanks!
Answers:
Chosen Answer
mukwonago53149: You had to fill out a W4 form when you started and they asked how many dependents you have. Since you're only 16, that means your parents are probably claiming you, so I bet you put down "0." Go back to your employer and write down "exempt" instead. You won't make enough money in a year to pay income taxes, and therefore you don't want any money taken out for taxes. However, you can't avoid FICA taxes (social security and medicare). That represents about 8%.
2008-06-26 14:56:03
mukwonago53149: You had to fill out a W4 form when you started and they asked how many dependents you have. Since you're only 16, that means your parents are probably claiming you, so I bet you put down "0." Go back to your employer and write down "exempt" instead. You won't make enough money in a year to pay income taxes, and therefore you don't want any money taken out for taxes. However, you can't avoid FICA taxes (social security and medicare). That represents about 8%.
2008-06-26 14:56:03
DJ: You need to look at Publication 15 on the IRS website www.irs.gov
It will give you the calculation for your federal tax withholding based on how you filled out your W-4 form.
For the lowest tax bracket it would be:
7.65% for social security.
Less than 10% for federal withholding.
Do you have state withholding? Here it is 4.35%
And do you have local city taxes? Here it is 1%
Total for Michigan about 23%
But, if you make less than $5,000 per year you will not have to have federal taxes withheld. You will still have to have the social security withheld - but each state is different.
2008-06-26 14:57:59
2008-06-26 14:57:59
Judy: On $85 a week they'll take out $6.50 for social security and medicare. They probably won't take out anything for federal income tax. Depending on where you live, there might be deductions for state or local taxes.
2008-06-26 18:54:38
2008-06-26 18:54:38