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View Full Version : If my gross pay 483.74 then what is my net pay


corycory
Jun 17, 2010, 07:12 AM
I have my check stub an I filed 0 federal an 0 for Va state income tax an I'm single. My gross pay was 483.74 an my net pay was 404.07.Also they took 29.99 for social security tax an 7.02 for medicare tax I just wanted to know what's the pecent that is getting taken out?

ebaines
Jun 17, 2010, 07:29 AM
The amount they took out for SS and Medicare is correct - the amount is 6.2% for SS, and 1.45% for Medicare. As for federal withholding - you need to tell us whether the $483.74 is weekly, bi-weekly, or monthly pay.

corycory
Jun 17, 2010, 07:39 AM
Bi-weekly

corycory
Jun 17, 2010, 07:39 AM
The amount they took out for SS and Medicare is correct - the amount is 6.2% for SS, and 1.45% for Medicare. As for federal withholding - you need to tell us whether the $483.74 is weekly, bi-weekly, or monthly pay.
Bi-weekly

AtlantaTaxExpert
Jun 17, 2010, 10:46 AM
You can download Circular E from Internal Revenue Service (http://www.irs.gov) to find out what withholding amount applies for the federal withheld income tax.

Go to the Virginia tax website to get the virginiawithholding table for the Virginia income tax.

ebaines
Jun 17, 2010, 11:35 AM
Bi-weekly

For 0 allowances, single person, paid bi-weekly -- the formula for your wage bracket is:

(Gross wages - $289) x 0.15%

So:

(483.74-289.00) x .15 = $29.21.

For reference, the withholding chart is on page 32 of: http://www.irs.gov/pub/irs-pdf/p15a.pdf