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Income tax witholdings

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yojimbo
Posts: 3631 - Karma: 27
so I just got a paycheck for 380$ ish and i added up my hours and it should have been around 470$ before taxes. does that sound right? approximately 90$ withheld from ONE paycheck? seems like too much to me. at all my other jobs i got around 20-30 taken out from one paycheck at the most. does it vary on how big the check is/how much you make hourly?
May 12 2010 8:29AM
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nickyp
Posts: 5673 - Karma: 215
Marginal tax brah
May 12 2010 8:29AM
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Brenone
Posts: 4944 - Karma: 296
$90 sounds about right
but try this payroll calculator out. fill in your info and it will tell you exactly.
http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp
May 12 2010 8:32AM
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TechnoPotamus
Posts: 11626 - Karma: 3,522
yeah, it sucks basically.

and yes it does vary per check. I mean it will be a certain % taken out pretty much, so yes the amount taken out on a small check will be less than on a large check.

as an fyi - if you feel that you are having too much taken out, you can re-file your W2 form and change it around.

at the same time, if they're taking a lot out, you'll probably get a larger return next year. if they're barely touching it, you may end up owing money in taxes.
May 12 2010 8:34AM
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Brenone
Posts: 4944 - Karma: 296
i think you meant to say the W4 form which is what you fill out to authorize an employer withholding taxes.
May 12 2010 8:41AM
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skithesprings
Posts: 9086 - Karma: 1,349
yeah, i was loosing around a 1/4 from each of my paychecks
May 12 2010 8:50AM
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Barefootin_Fiend
Posts: 7618 - Karma: 4,727
Yeah, unfortunately that is about right. By the time the Feds get their piece, & the state gets their piece, you're left with a significantly smaller paycheck. You can adjust your exemption status by filing a new w-4 with your employer as previously mentioned, but be careful that you don't take out too little. You can be faced with fines and penalties for having too little income tax withheld, but I'd guess that you aren't going to have a large enough tax liability for the year to where that would really be an issue.
May 12 2010 9:26AM
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Delphi
Posts: 3748 - Karma: 36
don't you love it? Come work in MA, the state bleeds you dry. We had it on the ballot a few years ago to abolish the state income tax, but the voters killed it.
May 12 2010 10:44AM
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Brenone
Posts: 4944 - Karma: 296
try living in NYC. you pay fed, state AND city taxes. The average Joe with just a W2 pays about 35% of their income to the govt. It gets a little crazy when you have a higher and multiple sources of income. you end up paying about 40%.

May 12 2010 10:53AM
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skiminnesota
Posts: 9093 - Karma: 429
pffff


i work one day a week to pay the government.
May 12 2010 10:56AM
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Barefootin_Fiend
Posts: 7618 - Karma: 4,727
America - land of the free & home of the taxed.
May 12 2010 2:05PM
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Static
Posts: 8496 - Karma: 4,090
you should be excited as an American to pay taxes, just think about all the needy people you're helping

uneducated jocks that need a job
single whore mothers who can't afford delivery
drunken hillbillies on disability


May 12 2010 2:11PM
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skiminnesota
Posts: 9093 - Karma: 429
dont forget the UAW
May 12 2010 2:17PM
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