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How do I estimate the amount of taxes taken from a paycheck?
I am trying to figure out how much money I need to make every month in order to move out of my parents house. After taxes, I figure I need to make $2000 a month ($12.50/hour). How much do I need to make before taxes? I live in Wisconsin, if that helps.
Is there a way to find a dollar amount of tax taken for every dollar?
I went to Paycheck City's site at www.paycheckcity.com/cointuitonline... and ran a few numbers.
Annual Gross Pay $31,000.00
Federal Withholding $2,976.25
Social Security $1,922.00
Net Pay $23,988.35
I believe you are mistaken on how much you need to support yourself. Did you include health insurance? Especially at such a low income level, you don't get it for free from an employer. What about car insurance? Gasoline? Utilities (electricity and/or gas) for an apartment?
Also, most places will require that you pay a deposit and pay at least the first month of rent in advance. Instead of dreaming about moving out of your parents' house, if I were you, I would concentrate on finding a job first. Build up some cash to tide you over in case something goes wrong (car accident, illness, loss of job). When you have some money set aside, then you are ready to move out. I state this because you will feel worse if you have to move back in with your parents than if you stay a little longer right now.
I hope this helps.
Enter your payroll info in to the paycheck calculator.
It is accurate to the penny.
Go here for some handy paycheck calculators: www.PayCheckCity.com . Why estimate when you can work with real numbers?by Bash Limpbutt's Oozing Cyst© - 4 years ago
refer to the wage-bracket table (you can google one up) to find your Federal Income Tax withholding. You need to find your State Income Tax withholding, if applicable. Fica withholding (social security and medicare) 6.2% of the first $94,200 earned per my 2008 textbook. Look up your State's Unemployment TAx (SUTA), Also, look up The Federal Unemployment TAx (FUTA). Deduct any Union dues, employee Insurance contributions, or charity donations and you have the amount being deducted from your paycheck every pay period.
Of course there is an easier way to do this. Allow me to demonstrate:
Say you make $15 an hour and you worked 40 hours this week.
$15x40 hours= $600 dollars
After deductions you go home with $450.00 dollars
How much taxes did you pay?
Simply divide your take home pay ($450) by how much you made that period ($600) to find your tax rate (how much you paid in taxes as a percent).
You paid 25% of gross earnings in taxes.
Why would you'll give this a negative remark? It is correct. Just to prove to the intended reciever I will journalize this:
Dr. Sales Wages Expense
Dr. Office Wages Expense
Cr. FUTA Payable
Cr. FICA Tax Payable
Cr. SUTA Payable
Cr. Medical Insurance Payable
Cr. Charitible Donation
Cr. Union Dues
Cr. Account Recievable
Cr. Wages Payable
Source(s)by Leonard Brisco - 4 years ago
The dollar amount taken is not the same for every dollars. For some dollars, only 7.65 cents is taken. For other dollars, 30-40 cents is taken.
In your case, after adjusting for what you get refunded later, the amount that the government actually keeps will be 7.65 cents from each of the first 5700-9350 dollars per year and 17.65 cents from each of the next 8000 or more dollars per year... but that is using 2010 rules. Starting in 2011, it will be 7.65 cents from each of the first 5700-9350 dollars per year and 22.65 cents from each of the rest of the dollars (up to well over 30,000).
to determine how much you need to make to get out on your own, you need to determine how much you will have to pay for rent, utilities, phone, insurance, food, clothing, transportation and if you want some enjoyment, entertainment
once you have arrived at that figure, then you can determine if working for $12.50hr will be sufficient
if you worked 48 weeks, full time that would be $24000, and you would have had $1440 withheld for FICA(7.65%) and at least 1% (or more) for state disability, so that now leaves you a net of
your non taxable income for a single person without dependents is $9350 which means $12970 is taxable and the lowest rate is 10%
your income will definitely be more than that
so as it looks now you have a disposable amount of possibly $20375 divided into 12 parts, or about $1700 a month---will that take care of you moving out?