How to calculate Taxes deducted from my weekly salary?

naderbd · #1 Mar 30, 2005, 09:06 AM

I am an employee, married and have 2 sons 15&10 years old…my whole hour salary is $9, I live in New York I want to know exactly how I can calculate the taxes deducted from my salary including the new one…..with example please

Regards….

naderbd · Mar 30, 2005, 03:49 PM

Thanks very much for your prompt reply .in fact the deducted taxex from me are 5 kinds of taxes …my wife is working she takes $6.25 per hour for the first 40 hours and after that $9.39 for every additional hour so can you tell me if it will change the tax calculation in your reply ….

Quote:

Originally Posted by AtlantaTaxExpert

Naderbd:
The FICA taxes are easy. For Social Security, they withhold 6.2% of your gross wages. For Medicare, they withhold 1.45% of your gross wages. Withholding example below:

$9 x 40 hours = $360 (weekly pay)

$360 x .062 = $22.32 (weekly Social Security withholding)

$360 x .0145 = $5.22 (weekly Medicare withholding)

Now, if that income is your only income for your family, then you should have ZERO withheld for federal and state income taxes. You make too little to have to pay any income taxes at either the state or federal level. Now, if your spouse works, different story!

There is no formula to determine how much is withheld for income taxes. The withholding amounts are displayed in tables in IRS Circular E and are based on your marital status and number of exemptions you claim.



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