income and tax questions wondering my monthly salary?
income and tax questions wondering my monthly salary?
I live in oregon.
If my salary is 30K per year before taxes, how much will I take home each month if I claim 0? How much will I take home if I claim 1?
Answers:
MrMojo1: It's irrelevant where you live!
Goto www.IRS.gov and look up Circular E which provides you with the federal tax withholdings table based on your filing status and your pay amount based on our pay schedule (i.e. weekly, biweekly, monthly).
Don't forget to take out 6.2% for SS and 1.45% for Medicare.
Oregon has a gradual tax rate from 0%-9% so it depends on your state income level!
You take the gross pay minus all the taxes listed above to get you the net income amount.
2010-05-09 15:33:46
2010-05-09 15:33:46
Mike W: Single, 1 Exemption, $30k/Year:
Monthly Gross Pay $2,500.00
Federal Withholding $235.52
Social Security $155.00
Medicare $36.25
Oregon $157.92
Workers Compensation $2.43
Net Pay $1,912.88
Single, 0 Exemption, $30k/Year:
Federal Withholding $281.15
Social Security $155.00
Medicare $36.25
Oregon $168.48
Workers Compensation $2.43
Net Pay $1,856.69
2010-05-09 16:14:20
2010-05-09 16:14:20