jfkaua
Posts: 972
Joined: Tue Aug 31, 2004 7:42 am

How Much Exactly Is Income Tax

Thu Dec 09, 2004 9:34 am

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?
 
mdsh00
Posts: 3969
Joined: Mon May 17, 2004 11:28 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 9:40 am

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."
 
jfkaua
Posts: 972
Joined: Tue Aug 31, 2004 7:42 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 9:47 am

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
 
Newark777
Posts: 8284
Joined: Thu Dec 02, 2004 6:23 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 9:49 am

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?
 
jfkaua
Posts: 972
Joined: Tue Aug 31, 2004 7:42 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 9:53 am

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]
 
Newark777
Posts: 8284
Joined: Thu Dec 02, 2004 6:23 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 9:57 am

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?
 
mdsh00
Posts: 3969
Joined: Mon May 17, 2004 11:28 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 10:00 am

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."
 
jfkaua
Posts: 972
Joined: Tue Aug 31, 2004 7:42 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 10:00 am

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 ?
 
mdsh00
Posts: 3969
Joined: Mon May 17, 2004 11:28 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 10:01 am

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."
 
air2gxs
Posts: 1443
Joined: Mon Jun 18, 2001 1:29 pm

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 10:16 am

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.
 
jfkaua
Posts: 972
Joined: Tue Aug 31, 2004 7:42 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 10:23 am

hmm it was about a year ago.. and I doubt they would hunt down a 15 year old kid lol
 
Logan22L
Posts: 4464
Joined: Fri Jul 16, 2004 5:59 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 1:21 pm

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
"The deeper you go, the higher you fly. The higher you fly, the deeper you go."
 
YVR2SAN
Posts: 57
Joined: Thu Nov 18, 2004 8:03 am

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 4:33 pm

"get a big chunk in April-May"

Or file early and get a big chunck in February like I do..
 
UTA_flyinghigh
Posts: 6304
Joined: Wed Oct 03, 2001 8:46 pm

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 5:36 pm

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
 
air2gxs
Posts: 1443
Joined: Mon Jun 18, 2001 1:29 pm

RE: How Much Exactly Is Income Tax

Thu Dec 09, 2004 11:00 pm

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.
 
desertjets
Posts: 7591
Joined: Fri Feb 18, 2000 3:12 pm

RE: How Much Exactly Is Income Tax

Fri Dec 10, 2004 12:23 am

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
 
Logan22L
Posts: 4464
Joined: Fri Jul 16, 2004 5:59 am

RE: How Much Exactly Is Income Tax

Fri Dec 10, 2004 12:33 am

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
"The deeper you go, the higher you fly. The higher you fly, the deeper you go."
 
VSlover
Posts: 1860
Joined: Sat Feb 07, 2004 1:36 am

RE: How Much Exactly Is Income Tax

Fri Dec 10, 2004 1:10 am

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]
 
707CMF
Posts: 4698
Joined: Thu Mar 14, 2002 5:39 pm

RE: How Much Exactly Is Income Tax

Fri Dec 10, 2004 5:58 pm

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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