Witholding Tax Calculations
Hello,
First off, I would like to know what I am about ask because of a self-project I am doing. I am making a program, a "Paycheck Calculator" for jobs with hourly pay. Its coming along very well and have a lot for options to better calculate a proximity of what your paycheck will be for the week. Such as holiday/normal bonuses, overtime settings, lunch settings, exact hours/minutes worked (by inputing the start/finish time, rather then counting yourself), then storing that information to be called on the next time the program is run (as well as grouping and displaying information by weeks).
But I have hit a road block so to speak. A major part of the paycheck is tax withholdings, and I am having a very hard time finding a formula to calculate how much will be taken in taxes. Not just State, but federal, Social, etc.
So I am asking, what is used to calculate this (again we are talking hourly jobs)? Now, I do understand that there are quite a few things calculated not using numbers but your well-being/living styles etc, and all which I need to know, as the program does take user input settings (if you haven't guessed that already). I can hopefully create a successful way of getting extremely close to the exact amount of tax taken.
Now if any one has the time, and would be so kind enough to wright out the formulas in base format (with-out any types of examples, just straight forward) and THEN apply it to my situation so I can get a full grasp of it:
I currently work a staples as a sales associate, yes not very desirable, but being 17 and still in high school, I can't get much higher yet. I make $7.50/HR, I started last Wednesday (Aug. 29) as my first "real" job. I have made a total of (with-out taxes mind you) $300, single, filed a 0 on my G4 forum and was able to say No to all the exemptions like food stamps etc. Now with the very little success of finding tax information, I am not sure if that's enough information to figure out my total tax withholdings come Friday.
Any ways, thanks in advance for any help I receive, and would be more then willing to hand out my program when its finished, which should hopefully be soon. And yes, this is for my own interest in programing, so its nothing extremely mind blowing.
-Noths
Nothsster.com