How much do I pay in taxes at minimum wage?
Far more than you would imagine. While minimum wage varies now in the US. We will work from an assumption of $7.50 per hour.We will assume you average 50 hours a week and make approx 17,500 per year. First you can assume the payroll tax and employer match effectively raise your cost of employment and simultaneously you will pay 8.5 percent and your employer matches this. The net effect is about 2500 in tax on a cost of employment of $20 K.Your rent even in the most modest of locations is likely to be 1000 per month. Half this is property tax that your land lord has to collect and pay. So add 6000 for property tax. You also will pay sales tax, fuel tax, and tax on your junker car.Further there are taxes collected on fuel and employment and property by any business you purchase goods from that are all passed on to the consumer as hidden taxes.Estimates are that the average American pays a total of 56 percent of their income in direct and hidden taxes passed on to them by merchants as a cost of doing business. Being that the lower your wage the more of your money you likely spend, I’d suggest that your total tax liability is atleast that.Before all those addl hidden taxes, the previously outlined taxes of 8500 are already nearly 50 percent and sales and fuel tax alone will drive your burden higher.This is why I believe in a universal wealth tax or taxation of unrealized capital gains as Property wealth should not be taxed more than other forms of wealth because it inheritantly is a considerably higher tax on the working poor.
If I work 20 hours per week “Minimum wage: 7.25” How much will my paycheck be before and after taxes?
W-4 Employee withholding Allowance Certificate ONLY for the purpose of the FIT amounts out of your Gross wages for each pay period during the 2014 tax year. W-4 filled out as SINGLE and -0- ZERO Allowance signed and returned to your employer at that time for their use during the 2014 tax year. 1 week Gross wages before taxes 145.00 Your Pay Check Results Weekly Gross Pay $145.00 Federal Withholding $10.17 Social Security $8.99 Medicare $2.10 Georgia $2.73 Net Pay $121.01 Hope that you find the above enclosed information useful. 06/07/2014
How much will taxes take out of minimum wage? teens?
I wish Yahoo Answers would post the standard response at the top of every page. Income taxes are not a flat percentage. In order to determine the net paycheck, some information is needed: 1. gross pay 2. payment frequency (weekly, bi-weekly, semi-monthly) 3. Marital status (single? married?) 4. Are you a dependent (a student under the age of 24 is presume to be a dependent of his or her parents.) 5. number of dependency exemptions claimed 6. amount of pre-tax deductions from your paycheck (medical insurance, 401K, Flexible spending account for transit, medical expenses, etc.) 7. Where you work (there are 45 states with income taxes, plus in five of them there are local taxes) 8. Where you live (some states have reciprocity agreements with others so, for example, if you live in Pennsylvania but work in New Jersey, you have PA taxes withheld.) The variable that you left out is #2. As a student under the age of 24, your federal standard deduction is your earned income up to a maximum of $5,700. If you expect to make less than $5,700 this year, then you may put down Exempt on your Form W-4. Once you have all of the information, you can go to Paycheck City's site at http://www.paycheckcity.com/cointuitonli... You provided only the answer to #5. I hope this helps. Gary
If i work minimum wage how much will i get a week?
Each state has a different min wage. It also depends on how many hours you work and the taxes in your state. Let's say min wage is $7 in your state and you work 20 hours a week. $7 x 20 hours = $140 taxes are usually about 25-30% of your pay, so your take home pay will be more along the lines of $100
How much money would i make per two weeks if my minimum wage is 7.25 an hour (average teen)?
How many hours per week, are you in school, and which state are you in? For example, in Michigan, if you are under the age of 18 and enrolled in school you cannot work more than 24 hours per week. At that rate your gross pay would be $7.25 * 24 hours * 2 weeks = $348. In Michigan, you would not pay an income tax. After federal taxes your net pay would be $302.56 for the two weeks. You can use this calculator, with your state, for more information: http://www.paycheckcity.com/calculator/h... UPDATE: The state of Georgia does not restrict how many hours you can work in a week if you are 16 or 17 years of age (if you are younger, they do). When I was 17 I worked two nights a week and one weekend day, in addition to school. The two nights were from 4 pm to 8:30 pm and Saturday was typically an 8 hour day, occasionally I would pick up extra shifts. For me that was 17 hours / week on an average week during school (more over summer or when we were off). Let's start there. Your gross pay each week would be $123.25. After taxes your net pay (what you take home) would be $111.75 after federal income tax, social security, medicare, and Georgia taxes are withheld. So you can expect about $223.50 every two weeks working roughly 17 hours / week.
If I am working 40 hours/week for a startup and earning minimum wage, do I need to pay taxes?
Depending on how long you have worked last year, which state you earned your income, marriage status, and a bunch of other factors. Your best bet is to use this IRS web site to make sure. It only takes a couple of minutes:Do I Need to File a Tax Return?
Using Arizona Minimum Wage ($10.50 per hour), what is your annual income? Including taxes and assuming a 25 hour work week.
$9,720
Will I have to file taxes on my minimum wage job?
YES very possible that you would fail to have enough FIT amount withheld out of your GROSS wages earning out of each pay period to cover your FIT liability during the next FIT tax filing season and you could end up Owing and amount of FIT liability that you would have to send in at that time during the tax filing season for that purpose along with your 1040V and the 1040 income tax return. Go to the www.irs.gov website and use the search box for the W-4 Employee's Withholding Allowance Certificate Very simple and easy fill in the W-4 correctly and completely and just claim Single and -0- ZERO Allowances sign the completed W-4 form make a copy for your records and give the other signed copy to your employer for the 2013 Tax year federal income tax withholding amounts out of your gross wages earnings amount if ANY amount is required for your FIT for this purpose. And then if they should withhold any amount of $$ out for the FIT amount as an estimated advance payment of any possible income tax liability that you might have when you correctly complete your 1040 income tax return during the next income tax filing season and you receive your W-2 form from your employer around the middle of January for the past tax year and if you have a $$ amount in the Box 2 for FIT you will get a credit for that $$ amount on your 1040 income tax return and might qualify to get some are all of the withheld amount back as a REFUND amount when you correctly complete your 1040 income tax return print a copy for your records and sign the copy to send to the correct IRS address for processing. www.irs.gov/pub/irs-pdf/fw4.pdf Hope that you find the above enclosed information useful. 04/07/2013
Will people earning a $15 minimum wage pay more taxes?
There are a few extremely bad answers here.Those who are telling you a minimum wage increase to $15 will cause an increase in taxes are incorrect. Intentionally or not (I leave that determination to you) they are avoiding the simple, best answer which is NO, that minimum wage increase will not cause an increase in taxes.You can verify this yourself at the IRS website where projected tax rates are posted for all to see: Projected U.S. Tax Rates for 2016.There we find that a person earning $7.25 an hour will be in the $9,276—$37,650 tax bracket ($7.25 x 40 hours x 50 weeks = $14,500). If that same person were to increase their earnings to $15 an hour their yearly wage will increase to $30,000 ($15 x 40 hours x 50 weeks = $30,000). That is still well within the EXACT SAME TAX BRACKET.If you read their responses carefully you can see how they arrive at the incorrect answers. 1) they count Social Security as a tax, which it isn’t. A tax is money you never get back. Social Security comes back to you when you stop working due to illness or retirement. It is therefore not a tax and is actually money you are investing in yourself. 2) by supposing your property taxes will go up - which is assuming you will move from your current house or apartment into one you can’t afford simply because of your hourly wage. This you will not do, unless YOU make that decision. If you do, you have a better home or apartment, however. The point is that Property Tax comes to you only if you choose it. 3) by naming Sales Taxes as part of your tax burden. This part is only kinda sorta true. If you couldn’t purchase a new television before, but now you can, you will definitely pay some additional Sales Tax this year. But you will also have a television. Without that raise you wouldn’t have either.