Tax exemption

kittkatt · #1 May 15, 2008, 07:40 AM

I no longer have any children to claim on my W-4 due to my youngest turning 18 and he does not live with me. I need to change how I claim, but I don't want too much taken out. I need to know the percentage rate taken out for Federal, State, MichCare and Social Security for a single person or a person claiming zero, so I can figure out how to change my W-4 without having too much taken out in taxes. Any ideas?

fhoss3634 · May 21, 2008, 08:26 PM

Try using this site to calculate taxes -- paycheckcity.com. You can do "what if's" for claiming married or single with 0 or 1 exemptions so you can see what your check will look like.

federal - depends on your tax bracket
social security rate is 6.2% up to 102,000.00 of taxable earnings
medicare rate is 1.45% of all taxable earnings
state - each state is different

hope this helps.



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