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    waldecy gil's Avatar
    waldecy gil Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 14, 2009, 06:58 PM
    Federal and state taxes
    Please, I am 62 years old, single and my gross salary is 1,077.00 weekly, how to calculate my taxes federal and state? What percentage?

    Thanks
    waldecy gil
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #2

    Jan 14, 2009, 07:02 PM

    I use a 15% of gross as a good rule of thumb. Have you applied for social security yet? You should if you are 62 and have worked long enough to collect it. Call Social Security and ask them how much you can collect per month. You will probably be pleasantly surprised to find out the amount. You can fill out their paperwork and be collecting a check within 3 months from now.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jan 15, 2009, 09:34 AM
    Actually, 15% is a bit low.

    Waldecy's marginal tax bracket (the tax rate on the LAST dollar he earned in 2008) is 25%.

    You can find the tax rates for the various states at the link below:

    The Tax Foundation - State Individual Income Tax Rates, 2000-2009
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