I am payed .50 an hour as well as work 10 hours a week. My initial paycheck comes in upon a 1st as well as we was wondering how most taxation will be taken out. we have finished investigate upon a internet as well as haven’t found anything to assistance me out. we am sixteen if which has anything to do with a taxation takeout.
Thanks!
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Comments: 3 comments
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mukwonago53149
February 28th, 2010 at 9:09 am
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%.
DJ
February 28th, 2010 at 9:09 am
You need to look at Publication 15 on the IRS website http://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.
Judy
February 28th, 2010 at 9:09 am
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.
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