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How Much Exactly Is Income Tax  
User currently offlineJfkaua From United States of America, joined Aug 2004, 1000 posts, RR: 3
Posted (9 years 10 months 3 weeks 6 hours ago) and read 1757 times:

OK for example if you are in a teenager here in new york making $6.50 an hour... say you work over two weeks 40 hours so its..

40x6.5= $260

So exactly how much could this person expect to get on the actual paper check?

18 replies: All unread, jump to last
 
User currently offlineMdsh00 From United States of America, joined May 2004, 4125 posts, RR: 8
Reply 1, posted (9 years 10 months 3 weeks 6 hours ago) and read 1753 times:

If that is your only source of income, you should get it all back as a tax return. How much you get on your paycheck depends on how many dependents you put on your Federal withholding. In your case, you'll get a greater cut on your paycheck. Someone correct me if I'm wrong.


"Look Lois, the two symbols of the Republican Party: an elephant, and a big fat white guy who is threatened by change."
User currently offlineJfkaua From United States of America, joined Aug 2004, 1000 posts, RR: 3
Reply 2, posted (9 years 10 months 3 weeks 5 hours ago) and read 1747 times:

i think there must be some taken out because so many places will pay you 6.00 off the books vs. 6.00 on the books

User currently offlineNewark777 From United States of America, joined Dec 2004, 9348 posts, RR: 29
Reply 3, posted (9 years 10 months 3 weeks 5 hours ago) and read 1745 times:

The company automatically takes money out, unless the money is under the table. Working that little, you should get all the money back by filing your tax return.


Why grab a Heine when you can grab a Busch?
User currently offlineJfkaua From United States of America, joined Aug 2004, 1000 posts, RR: 3
Reply 4, posted (9 years 10 months 3 weeks 5 hours ago) and read 1742 times:

oh really... i don't know i find it very confusing.. once I did a networking job and the total amount i got was around 3 grand but there was none taken off...I really don't know if it was on or off the books.. i have reason to believe it was on, but i never asked lol. but my dad said that hed have to pay it when he files taxes or something?

[Edited 2004-12-09 01:54:23]

User currently offlineNewark777 From United States of America, joined Dec 2004, 9348 posts, RR: 29
Reply 5, posted (9 years 10 months 3 weeks 5 hours ago) and read 1736 times:

You should get W2 form (I think that's what they're called) around tax times detailing how much you got taken off the paychecks already. It should also say on the actual paychecks. Otherwise, I assume your payments were off the books, in which case I wouldn't worry about taxes.  Smile


Why grab a Heine when you can grab a Busch?
User currently offlineMdsh00 From United States of America, joined May 2004, 4125 posts, RR: 8
Reply 6, posted (9 years 10 months 3 weeks 5 hours ago) and read 1733 times:

When you start a job and tell payroll that you have at least one dependent, you'll have more money in your paycheck, but will probably have to pay when you file your taxes. With 0 dependents, you get a bigger cut but will get a bigger tax return. Of course, if your salary is official then it won't matter which way you go. If you don't trust yourself with a lot money, you should probably put down zero dependents. Although it might be different since you are (I'm guessing) a minor.


"Look Lois, the two symbols of the Republican Party: an elephant, and a big fat white guy who is threatened by change."
User currently offlineJfkaua From United States of America, joined Aug 2004, 1000 posts, RR: 3
Reply 7, posted (9 years 10 months 3 weeks 5 hours ago) and read 1732 times:

haha ok I am trying to figure out like for example which would be beter... for example in the end which would get you more money.. working 6.00 off the books or 6.50 on the books... can anyone give me hard numbers ?

User currently offlineMdsh00 From United States of America, joined May 2004, 4125 posts, RR: 8
Reply 8, posted (9 years 10 months 3 weeks 5 hours ago) and read 1730 times:

6.50 on the books. You would have to wait to get a good chunk of your money. It all depends on how you want to use your money.


"Look Lois, the two symbols of the Republican Party: an elephant, and a big fat white guy who is threatened by change."
User currently offlineAir2gxs From , joined Dec 1969, posts, RR:
Reply 9, posted (9 years 10 months 3 weeks 5 hours ago) and read 1722 times:

In NY I'd expect you lose about 33% or so to tax. The breakdown works out something like this (estimate):

16% Federal - Should get that back at tax time due to low income.
8% State - May get that back at tax time.
Don't remember if NY cities charge any tax.
7% FICA - Social Security, you'll get that back when you retire (HA!!)
2%? Medicare - YOu get that back in the form of lower premiums after you retire (HAHAHA!!!)

That was the rough breakdown when I worked in NY. Again, a lot depends on how you file and what you claim. When working off the books (illegal, in case nobody mentioned it) you don't pay into FICA, so that's 9% you keep versus working in the books for a slightly higher salary (6$ vs. $6.50).

As for the networking job you performed; the company probably treated you as a contractor. If they treat you as a contractor, they don't have to collect any of the taxes from you (saves them money). They will report you to the IRS via a form 1099 (misc income). You should also receive a 1099. I wouldn't shrug it off. The IRS has loads of people whose sole function in life is to match 1099s to income tax returns.


User currently offlineJfkaua From United States of America, joined Aug 2004, 1000 posts, RR: 3
Reply 10, posted (9 years 10 months 3 weeks 5 hours ago) and read 1716 times:

hmm it was about a year ago.. and I doubt they would hunt down a 15 year old kid lol

User currently offlineLogan22L From , joined Dec 1969, posts, RR:
Reply 11, posted (9 years 10 months 3 weeks 2 hours ago) and read 1696 times:

33%??? Perhaps if you are in high tax bracket, but this guy is talking about a near minimum wage job! I'm no Tax Advisor or CPA, but if you make less than a certain amount (typically on the order of several thousand dollars) per year, you owe no tax, and any money take out is refunded to you. If your salary is really low (i.e., very few hours at your wage), they may not take any witholdings. Talk to your Dad, who has filed taxes before (I hope...). In my experience, in the future, always declare 0 dependents, have the max withheld, and get a big chunk in April-May. If you are great at saving, declare 1, and save along the way. Again, don't take my word for this; seek out an expert or parental/employer advice. Under the table is fine if you have no morals, but keep in mind that lots of us have to pay "your" taxes for you take salary under the table. To me, that's akin to stealing my soul and to being a disgusting thief. When I played jazz gigs around Boston and got paid in cash, I paid taxes on all money I made, because that's the right thing to do.

Logan


User currently offlineYVR2SAN From United States of America, joined Nov 2004, 62 posts, RR: 0
Reply 12, posted (9 years 10 months 2 weeks 6 days 23 hours ago) and read 1682 times:

"get a big chunk in April-May"

Or file early and get a big chunck in February like I do..


User currently offlineUTA_flyingHIGH From Tunisia, joined Oct 2001, 6495 posts, RR: 50
Reply 13, posted (9 years 10 months 2 weeks 6 days 22 hours ago) and read 1674 times:

In Ireland we have PAYE tax deducted directly, so no annual revenue declarations have to be filed.
Tax returns are done by reviewing this PAYE tax % quarterly.

UTA



Fly to live, live to fly - Air France/KLM Flying Blue Platinum, BMI Diamond Club Gold, Emirates Skywards
User currently offlineAir2gxs From , joined Dec 1969, posts, RR:
Reply 14, posted (9 years 10 months 2 weeks 6 days 16 hours ago) and read 1656 times:

Logan: read my post, the Fed & State taxes will probably be refunded. FICA & Medicare will not be refunded. I'd be careful declaring too many exemptions if you're still a dependent.

Jfkaua,
I'd be careful with that logic. $3000 is a taxable sum, especially if you are still a dependent on your parent's return.


User currently offlineDesertJets From United States of America, joined Feb 2000, 7786 posts, RR: 16
Reply 15, posted (9 years 10 months 2 weeks 6 days 15 hours ago) and read 1644 times:

With my income, roughly 1/3 of it is eaten up by income and payroll taxes. For me, with my crappy salary, that comes out to roughly $700 a month that I do not see. In looking at my more recent pay stubs I have had more withheld in taxes this year (first year with a real job btw) than I have made in some of my summer/college jobs.

If you want to get a better idea on what will be taken out look at the marginal income tax rates. Income up to roughly $8000 is not taxeable. Note this is just income from wages and tips... not interest or capital gains.

When you actually get your job you'll have the fun task of filling out all the state and federal paperwork.

Oh and some cities in NYS do have additional income taxes. I believe NYC and for some reason Yonkers comes to mind. Makes me glad I live upstate.



Stop drop and roll will not save you in hell. --- seen on a church marque in rural Virginia
User currently offlineLogan22L From , joined Dec 1969, posts, RR:
Reply 16, posted (9 years 10 months 2 weeks 6 days 15 hours ago) and read 1641 times:

Air2gxs: Yes, my advice was to declare 0 exemptions, and only 1 (himself) if he is great at saving. But of course, if he is a dependent, then 0 is the way to go. All I was getting at is that he should project this years gross, and see if he should even be paying taxes, in the context of his family's gross/tax return. Sorry for any confusion.

Logan


User currently offlineVSLover From United States of America, joined Feb 2004, 1897 posts, RR: 22
Reply 17, posted (9 years 10 months 2 weeks 6 days 14 hours ago) and read 1640 times:

yes, speaking of new york CITY income tax, i never bothered to see how much that counts for, but this is what each paycheck of mine taxes out for taxes--as a resident of new york city:

22% federal taxes
1.4% medicare
6.1% social security

6.2% new york state taxes
3.7% new york city taxes
1.9% new york disability fund (everyone must pay into this)

so that leaves me with a 41% taxable rate. of course the paycheck is even less after the other deductions. oh and i'm only 25 with no dependents (thank god).

[Edited 2004-12-09 17:12:18]

User currently offline707cMf From France, joined Mar 2002, 4885 posts, RR: 29
Reply 18, posted (9 years 10 months 2 weeks 5 days 21 hours ago) and read 1613 times:

My income tax is really way too high. The fisrt time I had to pay it, I said RHAA as it actually emptied my saving account.

Now, I am billed every month, and it actually amounts for almost a 6th of my salary.

Cheers,

707


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