|
Posted by Terry on March 7, 2007, 4:49 am
Please log in for more thread options
My niece just took her first job making minimum wage. (I
think she makes 6.50) Single. Using only herself as
dependant.
What would be her hourly wage work out to after taxes?
(assuming 40hr x 52weeks)
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Rich Carreiro on March 8, 2007, 12:04 am
Please log in for more thread options
> My niece just took her first job making minimum wage. (I
> think she makes 6.50) Single. Using only herself as
> dependant.
>
> What would be her hourly wage work out to after taxes?
> (assuming 40hr x 52weeks)
40 x 52 x $6.50 = $13,520
Standard deduction (for 2007) is $5,350, personal
exemption is $3,400, for a total of $8,750, leaving
taxable income is $4,470. The income tax on that
will be $447.
She'll also pay $13,250 x 7.65% = $1,014 in SS
and Medicare taxes.
She makes too much to be eligible for the earned
income tax credit.
--
Rich Carreiro rlcarr@animato.arlington.ma.us
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by rick++ on March 8, 2007, 12:04 am
Please log in for more thread options I get $1034 for social security and $747 for income tax.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Herb Smith on March 8, 2007, 12:04 am
Please log in for more thread options
> My niece just took her first job making minimum wage. =A0(I
> think she makes 6.50) =A0Single. Using only herself as
> dependant.
>
> What would be her hourly wage work out to after taxes?
> (assuming 40hr x 52weeks)
$6.50 x 40 x 52 =3D $13.520 Adjusted Gross Income
Subtract $3,400 for her personal exemption
Subtract $5,350 for her standard deduction
Taxable income =3D $4.770
Tax is 10% of the taxable income, or about $480.
(Above $7,825 the rate changes to 15% of the amount greater
than $7,825 + $782.50)
See the following URL for reference information:
http://fairmark.com/refrence/index.htm
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by bono9763@yahoo.com on March 8, 2007, 12:04 am
Please log in for more thread options
> My niece just took her first job making minimum wage. (I
> think she makes 6.50) Single. Using only herself as
> dependant.
>
> What would be her hourly wage work out to after taxes?
> (assuming 40hr x 52weeks)
Using your assumptions, her annual income will be $13,520.
For 2006, the standard deduction is $5150 for a single
person and the personal exemption is $3300, so her taxable
income is $5070 and her tax would be about $507. That makes
her hourly wage after federal income tax of $6.26. If you
include SS/Medicare, her take-home pay would be $5.76/ hour,
assuming no state taxes taken out.
The actual number will be someone different because she
didn't start working Jan. 1, and the deduction/exemption
numbers will increase for 2007. Plus, minimum wage is $5.15
right now, so you might have an incorrect number for income.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
| Similar Threads | Posted | | Can I deduct home(office) purchase as business person AND private person? | December 12, 2007, 5:22 pm |
| Can a CEO elect to have a salary less than the minimum wage? | December 29, 2006, 8:52 pm |
| Ridesharing benefits wage adjustment | March 17, 2007, 6:49 am |
| W2 with only local wage tax (Live in NJ and work in Philly) | February 5, 2008, 4:30 pm |
| 2007 FICA wage threshold for household workers? | January 10, 2007, 9:37 pm |
| Single Event | December 17, 2006, 6:40 pm |
| Single member LLC | January 20, 2008, 1:18 am |
| SEP - single ee, ee vs er contribs, excess contributions | February 25, 2007, 12:21 am |
| Death of a owner of a Single Member LLC | January 18, 2008, 7:41 pm |
| Single Premium Insurance Tax Question | May 21, 2008, 8:51 pm |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap