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View Full Version : Taxe deductions


mugyenzi
Jul 17, 2008, 07:17 AM
If I earn $30,000 a year, what is my take home after deduction of taxes?

Wildsporty
Jul 17, 2008, 09:08 AM
The amount would depend on your taxes and deductions.


Your Fica/medicare tax is 7.65%

You than have federal income tax (depends on your deductions and status)

You than have State income tax (depends on your deductions and status) unless you live in a state without income tax

Any voluntary deduction you may have such as insurance, or 401k.

There are some payroll calculators on the internet you can use to calculate your net pay.

PaycheckCity.com | Paycheck Calculator (http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp)
Federal State Withholding Calculator (http://www.yourmoneypage.com/withhold/fedwh1.cgi)
Free Payroll Tax Calculator - Free Paycheck Calculation (http://www.paycheckmanager.com/free_payroll_calculator.aspx)

These might help you.

MukatA
Jul 17, 2008, 11:49 PM
Assuming you are single without any dependent
Social security tax $1860
Medicare Tax $425
Federal Income Tax (approx) $2700
Then you will have state income tax and may be state disability insurance.