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How do I calculate bi-weekly income taxes?
Im trying really hard to figure out how I would go about calculating what my bi weekly income taxes should be. I don't really understand how to do it so I was hoping someone here could help me. An example of what I'm asking is like if I made $500 every two weeks, how much state and federal tax should the government take out. I already know that for state taxes, it's 1% on each dollar but I don't know how to calculate it so that it comes out right. Please help.
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There are a number of variables to be considered when determing how much is withheld from your bi-weekly paycheck. They include your marital status, the number of exemptions you declare on the W-4, and your total pay.
Your employer uses withholding tables provided by the IRS to determine how much will be withheld. Assuming you are single, if you declare SINGLE with TWO exemptions, you will have about the right amount of taxes withheld on the federal level. |
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