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vpannam
Jun 12, 2012, 06:25 PM
Hi,

How much federal tax (%) should I pay monthly if I earn about $70K per year or about $35/hr considering as 40hrs/week.

Thanks,
Nani

AtlantaTaxExpert
Jun 13, 2012, 04:57 AM
Assuming you are single and can file as a resident, your FEDERAL tax liability for the year will be about $11,244. That is about 16%.

FICA (Social Security and Medicare) are flat taxes assessed at 4.2% and 1.45%, respectively.

State taxes depend on the state.