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    somefudge's Avatar
    somefudge Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 17, 2008, 10:39 AM
    How can I figure the percent of my income that will be withheld each paycheck?
    I am switching jobs and I know about how much I am going to make. I need to know roughly how much I will pay in taxes per month. I am married with three kids and we will make less than 25,000 a year. Can you give me a rough percentage to calculate what I will owe?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 17, 2008, 01:55 PM
    If your $25K income is the ONLY source of income for you family, you will owe ZERO income taxes.

    The FIVE personal exemptions (@ $3,500 each) is worth $17,500 in deductions.

    The standard deduction will be $10,900.

    Those two deductions by themselves EXCEED your $25K salary.

    However, you will be entitled to BOTH a Child Tax Credit and the Earned Income Credit when you file, so you will get a significant refund even if you have had NO money withheld for federal income taxes.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Jul 17, 2008, 11:41 PM
    You will pay social security at 6.2% and Medicare at 1.45%. With Earned Income Credit, you will get money from IRS without paying any federal income tax.
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