anyone know anything about taxes (not filing) please read

[reed dollaz 10+ year member]

ok well my first paycheck is going to be ****ed up. only getting paid for a week and 2 days sinc ei started in them iddle of a pay period. next time ill get my full 2 weeks pay. im getting 464 before taxes ( i belive ) i asked for a print out of my hours and it had my total of what i was being paid (long story on why i asked for my hours on paper) but she is paying me tuesday. anyway, point is. im getting 464.xx -- is there anyway i can figure out how much will be taken out for tax, social, and medical? to find out about how much ill get. i think this is my pay before taxes, but just making sure.

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[tapout 5,000+ posts]

http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp

Was accurate with my pay within $3.

 

[IamDeMan 5,000+ posts]

I just use gross X .8 to get in the ballpark when I was young and hourly. nOw I am salary and know exactly what I get each pay period.

 

[mysilver02alty 10+ year member]

ok well my first paycheck is going to be ****ed up. only getting paid for a week and 2 days sinc ei started in them iddle of a pay period. next time ill get my full 2 weeks pay. im getting 464 before taxes ( i belive ) i asked for a print out of my hours and it had my total of what i was being paid (long story on why i asked for my hours on paper) but she is paying me tuesday. anyway, point is. im getting 464.xx -- is there anyway i can figure out how much will be taken out for tax, social, and medical? to find out about how much ill get. i think this is my pay before taxes, but just making sure.

Social security and Medicare are easy since there is a standard rate for them. Federal Income Tax withheld varies so its hard to get an accurate figure.

But for social security you would multiply the 464.00 X .062

And for Medicare you would multiply the 464.00 X .0145

They combine for a total of 7.65% taxes taken out for soc. sec & medicare which comes to 35.50. 6.73 for medicare and 28.77 for social security.

My best estimate is they will take out around 13% for federal income tax so around 60 bucks. But that all depends on a few things. Company policy and the number of dependents you claimed on your paperwork when you started there.

So your paycheck should be right around 370.00

 

[Flipx99 5,000+ posts]

Any of those calculators only work until you hit the cap on social secuity.

 

[mysilver02alty 10+ year member]

Any of those calculators only work until you hit the cap on social secuity.

He isn't coming anywhere near the threshold at 464.00 per week.