Not logged in? Join one of the largest Debt Reduction Forums on the Internet! Join Now!   Latest blog post: Student Debt in the Headlines

Advertisments:


Useful Links:

FTC Debt Reduction Advice
FTC Money Matters Website
National Foundation For Credit Counselling
Debt Reduction UK
MyMoney.Gov

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Taxes! We hate paying them, so let's discuss maximizing tax deductions!

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Postby casimiro » Fri Aug 12, 2011 9:14 am

I also have my daughter listed as a dependent. Im looking for how much would be taken out monthly
casimiro
 
Posts: 848
Joined: Tue Mar 22, 2011 11:56 am

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Postby benjiro » Fri Aug 12, 2011 9:17 am

If you have started this job, from the beginning of this August until Dec 31, 2011, weekly paycheck, then you could still have 22 weeks.

Gross pay YTD:

40hours * $8.00 * 22weeks = $7,040

With this amount, you won't owe any income tax as you file your 2011 return, because it is less than the exclusion income for single status (5800 +3700). If you would not want the F/W , you could choose 4 allowances on your W-4, single status.

Here is the result from paycheckcity.com, for single status, 4 allowances

Weekly Gross Pay $320.00
Federal Withholding $0.00
Social Security $13.44
Medicare $4.64

Net Pay $301.92

The actual net pay for 22 weeks = 301.92 * 22 = 6,642.24 is still less than 7,040 of your gross pay.
So this year, you are fine, you should not worried about any income tax.

By the way, what is your State? You could get the exactly answer if you would give more information.
benjiro
 
Posts: 821
Joined: Mon Mar 21, 2011 1:01 pm

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Postby hector59 » Fri Aug 12, 2011 9:23 am

Okay since this is a Federal Forum I will only deal with that aspect.

Okay the real way to deal with taxes...it is called tax planning.

Okay remember this is only federal taxes.

The first step is to calculate the yearly income...a normal year has 2080 work hours. At $8 that would be $16640 a year. You stated that you have a daughter, so going to make the assumption that you can actually can claim her. That could make you Head of Household. If this is true...then you would have at least $15,700 in none auditable deductions. Which would leave you with $940 taxable income. the tax liability on that is $95.

Okay not going to mention the available credits...so if you chose you can not have Federal taxes withheld if this is your total income.

Of course they will withhold Social Security and Medicare and then the local taxes..


So the real question is what do you want them to withhold for your federal taxes....Do you want your money during the year or do you want it at tax time?????

With that type of tax liability you can claim exempt and have no Federal withholding withheld.

Just a thought.
hector59
 
Posts: 855
Joined: Tue Mar 22, 2011 3:41 pm

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Postby marco » Fri Aug 12, 2011 9:32 am

You and your employer payroll department would be the only one that will know all of the required amounts that they will have calculate and withhold from your GROSS wages earnings for each pay period that you work.
I will use the W-4 information as a single taxpayer with 2 Allowances for this purpose as an estimate then you can do your own thing and play some games to see how you can come out with it.
40 X 8.00 = 320.00 Gross for the week.

http://www.suburbancomputer.com/tips_calculator.php

Payroll Withholding Tax Calculator
This easy to use payroll calculator will help you determine your take home pay. It handles both hourly and salary calculations, federal withholding, FICA (Social security), Medicare, and withholding for all 50 states.
Gross pay $320.00
Federal income tax $13.73
Social Security $13.44
Medicare $4.64
Net pay (take home) $288.19

Effective Withholding Rates

Federal Taxes
Federal Income Tax: 4.29%
Social Security: 4.20%
Medicare: 1.45%
Total Federal Taxes: 9.94%
Monthly 1280
Gross pay $1,280.00
Federal income tax $48.83
Social Security $53.76
Medicare $18.56
Net pay (take home) $1,158.85

Effective Withholding Rates

Federal Taxes
Federal Income Tax: 3.81%
Social Security: 4.20%
Medicare: 1.45%
Total Federal Taxes: 9.46%
Now you can also try to estimate your income tax liability for the tax year using the below information I will assume that you would be filing your 1040 income tax returns as head of household with 1 qualifying child dependent under the age of 17 and the you are under the age of 65.

http://www.dinkytown.net/java/Tax10402011.html

1040 Tax Calculator (Tax Year 2011) [Calculator][Definitions]

Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2011. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2012. In 2011, Federal income tax rates were scheduled to increase to pre-2001 levels, but the "Tax Hike Prevention Act of 2010" left the existing tax brackets in place through 2012. Please note that this calculator uses the preliminary 2011 tax tables.
1280.00 X 12 months = 15360.00 GROSS for the tax year.
Your federal estimated tax liability for the tax year might be -0- ZERO
And without knowing how much federal income tax you may have had withheld from your GROSS wages earning for the tax year you might be able to qualify for a 1000 refund amount for the QCTC amount.
Your taxes are estimated at -$1,000.

This is 0.00% of your total income of $15,360. Your total tax payments and refundable credits for the year were $0. Your tax refund is estimated at $1,000. Your income puts you in the 0.00% tax bracket.

This is 0.00% of your total income of $15,360. Your total tax payments and refundable credits for the year were $0. Your tax refund is estimated at $1,000. Your income puts you in the 0.00% tax bracket.
Hope that you find the above enclosed information useful. 08/05/2011
marco
 
Posts: 796
Joined: Mon Mar 21, 2011 9:53 pm

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Postby placido90 » Fri Aug 12, 2011 9:38 am

No one here will be able to give you a perfect answer because we don't know what "witholding election" you made on your Form W-4.

There are multiple payroll taxes, the most common of which are:

Social Security: This year, temporarily reduced to 4.2% - Your boss also pays another 6.2%

Medicare: You pay 1.45%, Your employer also pays 1.45%

Disability: Depends on the state you are in, in my California, we pay 1.1% towards disability.

Federal: Varies according to what you put on your W-4.

State: Some states have no tax, others vary according to what you put on your W-4.

------

So, for someone making $1,280 a month, you would pay:

SS (1280 x 0.042) = $53.76
Med (1280 x 0.145) = $18.56
Dis (Depends on your state rate, in Calif = 1280 x .011) = $14.08
Fed = Total annual income will be $1280x10 = $15,360. If you have no children and are single, you'd take out about $9,400 for standard deduction and personal exemption and pay 10% on the rest. So, $15,360-$9,400 = $5,960 taxable income. x 10% = $596. divided by 12 months = $49.67 per month.

As you can see - the federal and state taxes really vary, because if you have kids, or qualify for special college credits, etc.. then your federal tax will really change. I hope this helps!
placido90
 
Posts: 853
Joined: Mon Mar 21, 2011 2:26 pm

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Postby burney » Fri Aug 12, 2011 9:40 am

gross $320 per week, FICA $13.44, possibly 1% more for a employee state tax
your FIT will depend on how many exemptions you claim on your W-4, you would have none if you claimed single, 5
your non taxable income for the year is probably about $13350, you won't make that much for the remainder of the year
burney
 
Posts: 912
Joined: Tue Mar 22, 2011 9:37 am

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Postby teiji » Fri Aug 12, 2011 9:51 am

gross $320 per week, FICA $13.44, possibly 1% more for a employee state tax
your FIT will depend on how many exemptions you claim on your W-4, you would have none if you claimed single, 5
your non taxable income for the year is probably about $13350, you won't make that much for the remainder of the year
Go here for some handy tools: http://www.PayCheckCity.com

If you are single, not a dependent, can file as Head of Household, and your daughter is under age 17, use 5 withholding allowances for federal and 2 for CA. It won't be anywhere near 30% and probably less than 10%.
teiji
 
Posts: 886
Joined: Mon Mar 21, 2011 6:11 pm

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Postby daveed92 » Fri Aug 12, 2011 9:52 am

They'll take 5.65% for social security and medicare.

What else they take depends on what you have on your W-4 and where you live.

And it isn't going to be 30% for taxes, not even close.
daveed92
 
Posts: 833
Joined: Tue Mar 22, 2011 12:42 pm

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Postby irelan66 » Fri Aug 12, 2011 10:07 am

They'll take 5.65% for social security and medicare.

What else they take depends on what you have on your W-4 and where you live.

And it isn't going to be 30% for taxes, not even close.
Look at your first paycheck - should list all the taxes taken out.

TWD
irelan66
 
Posts: 832
Joined: Tue Mar 22, 2011 12:21 am

I work 40 hours a week making 8.00 an hour, I was wondering how much taxes would be taken out of my check?

Postby eleazar22 » Fri Aug 12, 2011 10:11 am

About 30%. So Do the Math & you'll get Your Number... :)
eleazar22
 
Posts: 888
Joined: Tue Mar 22, 2011 2:48 am


Return to Taxes

 


  • Related topics
    Replies
    Views
    Last post