Do I get taxes taken out of my paycheck?

Question

I just got hired at a Burger King. I am currently 15 years of age, And my parents are telling me that i am getting taxes taken out of my paycheck! I don't believe them cuz they have never really had steady jobs! But Please Answer This question A.S.A.P.! And i would also like to add........ I live in Minnesota, If That Has Anything To Do With it. PLZ Answer with any details including taxation amt. and all! Thanks

Answer 1

uhhh Yeah There's Fed. with holding  State with holding medicare with holding and social security. so 4 deductions from your gross pay gives you your take home pay roughly 5-10% is taken you get most of it back at the end of the year roughly 75% anways. Sorry for you the only thing i can tell you is wait till you start making more money per year and you get bumped into a higher tax bracket then they really start taking money.  

Answer 2

Yes, if your paycheck is larger than a certain amount (which yours almost certainly is) you get taxes taken out of your check every week.  This is called 'withholding'.  You have to fill out a form called a W-4 for your employer to tell him if you have deductions, like a mortage or dependents, which in your case you probably don't.  Based on that form your employer takes out money for federal and state income tax, FICA (for Social Security) and other things like workman's comp. (disability insurance).

At the end of the year you do your taxes.  You figure out how much you owe for the year, and if not enough was taken out, you have to pay the rest.  If too much was taken out you get a refund check.  If you took out -way- too little, you also pay fines.

By the way, if you work overtime and make more money, your withholding for that week is what it would be if you made that much EVERY week, so it's usually more than you actually owe.  So if you work overtime often, you get a big check at the end of the year.

Answer 3

Uh, sorry, mom and dad know best on this one.  They'll take out 7.65% for social security and medicare.  Depending on how much you make, there might also be income taxes for federal, state and local - if you don't make much you might get the income tax withholding refunded to you, but not the social security and medicare.

Answer 4

When you get your first paycheck, you will see money withheld for fica (6.2%), medicare (1.45%), possibly federal, possibly state, possibly local.

For federal, you can made up to $5450 before you will be taxed, so if your total income for the year is less than that, you'll get the federal back.  

Answer 5

A total of 7.65% is taken for social security, medicare, FICA, OASDI.

Some money may be taken for federal income tax.

Some money may be taken for various MN things, such as disability insurance, state income tax, etc.