How do I know how much money will be taken for taxes from my paycheck?

How do I know how much money will be taken for taxes from my paycheck?

Postby stoddard » Mon Feb 14, 2011 1:39 am

I heard if you make under $8,000 no state taxes are taken out, but federal taxes are. And that I still will have money taken for Social Security and Medicare. Does absolutely everyone have to pay this? This is my first job. Thanks ! :)
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How do I know how much money will be taken for taxes from my paycheck?

Postby darroch90 » Mon Feb 14, 2011 1:40 am

Everyone pays Medicare and Social Security Taxes. Figure 20% going for taxes
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How do I know how much money will be taken for taxes from my paycheck?

Postby donatus » Mon Feb 14, 2011 1:41 am

Use the calculator at www.paycheckcity.com. It will tell you exactly how much your check will be.

Based on your income, though and assuming it is all wages, no federal withholding will be taken out. The threshold for a single person under 65 is $9350. 5.65% will be taken out for SS and Medicare, however.
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How do I know how much money will be taken for taxes from my paycheck?

Postby arend64 » Mon Feb 14, 2011 1:43 am

Yes everyone pays Medicare and Social Security. They may come in handy if you become disabled and cant work, if you marry and your spouse dies, you have minor children and no income, you get divorced and need support, if you go broke and cannot take care of your children. All these things can happen to a person at any age.
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How do I know how much money will be taken for taxes from my paycheck?

Postby zebadiah93 » Mon Feb 14, 2011 1:45 am

it will probably say it when you get your whole check. at least for me it does. usually when i'm supposed to get like $200 i get a paycheck for like $175
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