Did walmart take out too much taxes off my paycheck? HELP?
- Live in North Carolina. Student who lives with parents - Got a part time job at Walmart close to the end of August - For my W4 form, I put "1" where it said hat no one else can claim you as a dependent - Got paid for orientation and the times i was doing CBL's. I only got $16 taken off for taxes for my first check. - Working weekends due to the fact I go to school full time for 5 days a week. Work on weekend nights from 10:00 pm to 7:00 AM. specifically saturday+sunday -Pay is $8.45 an hour, with a night differential pay of $1.00. Which would be $9.45 an hour....right? - I calculated it for 8 hours a day(this is excluding lunch break obviously) and 9.45 an hour for two weeks, and I get $302 before taxes from calculations - Look at bank account, see that the money that went into my account(I signed up for direct deposit) is only $192 This is my first job and I don't understand some things(naturally), so I'll just be blunt and ask before I get my paystub tomorrow. Is around $100 taken off of taxes normal for walmart? Especially when you work only two days a week? Am I miscalculating something? Or should I just get another job and get rid of this one ASAP?
If my paycheck is $1100, how much should I expect to get after taxes are taken out?
Not knowing the state you live in how can anyone help you ? State taxes is all part of it.
How much does taxes take out of my paycheck?
Look at your paystub first and foremost. This will list, to the dollars and cents, what taxes have been removed for federal taxation, medicare and social security. Some states have income taxes (not mine, thank god, or I wouldn't be able to pay the rent!) and some argue that these state income taxes are unconstitutional since we also pay federal income taxes, so it's like being taxed, then taxed again. Politics aside, if you live in such a state, that too will be listed in the deductions section of your paystub with the rest of the taxes. I use this as a guide to estimate what my bi-monthly deductions are. 1 is also good to claim as yourself for reporting purposes at the end of the year - you may not get much of a refund but you won't owe either, it's like trying to break even. And why not? They don't pay interest on your money yet they hold it all year if you claim 0.
I'm 20 and get $250-$300 taken out in taxes every paycheck for taxes. Does this mean a bigger tax return?
Google any W4 calculator and that'll help you figure out how many withholding exemptions you should declare.But for most people, $250–300 should be taken out of a $750–900 gross paycheck (so the check would say $500–600 on it.) If you made significantly more or less than that, I'd get suspicious.So if you paid the wrong amount, you may get a refund. That's what a refund is, an accounting adjustment for people who prepaid incorrectly. So if you didn't make more than $5000 last year, were a full time student, are married, have kids, have a mortgage, have student loans, donate a ton of your paycheck, started a business, or anything else society wants to incentivize.But if you're a single guy with none of the above, society thinks you should pay full retail on your taxes and so having a third of your taxes disappear from your paycheck is normal. The only solution at that point is to vote for change.
In the US, what percentage of your paycheck goes to taxes?
EDIT: Quora removed the original question comments that this person had just received his first paycheck and wanted to know why 31% of his income was being withheld for taxes and other withholding.If you just received your first paycheck at a $60K annual salary, congratulations! That’s a great paying first job. And, welcome to the real world of income taxes.Since it's your first paycheck, I'll assume you don't have a home or any real estate holdings to provide any tax deductions to off-set your taxes. Mortgage deduction is a huge reason why many people buy homes rather than rent. You should look into it.Also, I'll also assume you've never started a company if this is your first experience with taxes. Business tax deductions are another huge way for people to lower their effective tax rate.I'm guessing you don't have a child yet, as that's another nice tax deduction, which is great for paying tens of thousands more in childcare expenses.With that kind of income, you can also contribute to tax free retirement accounts. It's less money in your pockets today, but hey, you are also paying less income taxes!And, now that you're making the big bucks, you are also privileged enough to give back and get nice donation deductions.Once you do all of that, you may see your effective tax rate fall to the 15% range for your income level. But, until then, paying 31% for federal, state, and local income taxes, along with Medicare and social security, it’s well within reason.Oh, by the way, when your income eventually goes up, say into the $150–250K range, then prepare for another stunner. Your total marginal taxation and withholdings will reach close to 50% in California. That means for every extra dollar you earn over $100K, almost half goes to the government first, before local sales and use taxes taxes take yet another cut. That's what many of us have had to live with.There are many states that don't have state income taxes, so you can save an extra 6–13% in taxes, but you'll also find it hard to earn the same level of income in those states.
How much will I get in my first pay check from burger king?
First paychecks can be anywhere from $11 to maybe $25 if you worked the full 40 hours both weeks They have to take out the price for uniforms and all the time in training. They pay you a lower hourly rate when you first startt because you're not that good and may not keep you. Then, also if you burned anything our had to throw thingss out they'll subtract that. They charge you for the manual, any security camera photos, background check, paperwork fees, filing fees, cash register shortages.
About how much will be taken out of my paycheck for taxes?
I'm 17 and now have my first real job. I'll be working 8hrs a day getting $9/hr 5 days a week so 40hrs a week and will be getting paid biweekly so 80hrs every two weeks. Calculated, I'll be getting $720 each pay check but I know taxes are going to be taken out (I live in Ohio) so roughly about how much would my actual pay be? I'm saving up for a car so I wanted to know in advance how much I'll be getting paid so I can see how much I'll have for the car. Thank you(:
How much does taxes take out of a paycheck tahts only $720?
Well, let's see, social security tax is 6.2% of paycheck, or 44.64, and medicare tax is 1.45% of paycheck or 10.44. I don't know your state so I can't tell you your state withholding. I have attached a link to a paycheck calculator site, www.paycheckcity.com that you can use to calculate what your withholding should be. But, an even easier thing to do is look at your paystub, that should give you all the tax numbers.
I'm going to file for tax return for the 1st time. what taxes do i get back?(i live in california)?
Since you did have Federal income tax and CA State income tax taken out of your earnings, you should be able to get some or all of your taxes depending on how much money you made, the type of work you did, and on how much taxes were taken out of your paycheck. Also, depending on whether or not you can claim a dependent on your tax return. However, I'll just assume that you are young, single, with no children or dependents and just say you'll probably get a portion of your taxes back that were taken out of your paycheck. If you want more information on filing your own taxes, just call the IRS at 800-829-1040 for your federal and you can ask them for the state number cause I can't recall it right now.......
How can they take out so much money for taxes?
find out your federal income tax rate. It goes by incriments on your yearly gross income. Out of each check will come 6.2% for social security, something like 2.8% for medicare, your estimated federal tax rate besed on your annualized income and the number of exemptions you have elected. And finally state income tax if applicable in your state. I currently get about 67% of my check as take-home pay. I pay insurance as well as 6% to 401(k) though. Next year I'll up the 401(k) to 10% and I'll take home 65% only. Now the fun part for you to figure out and find the key to a great retirement. How can I up my 401(k) contribution 4% and have it only affect my take home pay by 2%????? Take a lot of time to stdy and read all you can on money management, retirement planning, and investing. I'm only 25 but if I knew at 18 what I know now from just reading books and magazines on my own I would have saved a lot of money and prolly be on track to retire at 35 instead of 45. You have no idea how finacially important the 16-24 age bracket is to the rest of your life.