Hey everyone, my question deals with taxes as a stud. In CA what % of my gross income do employers take? Thx?

Question

Yea pretty straightforward. Thank you Yahoo community!

Answer 1

You will have Social Security tax withheld at the rate of  6.2% and Medicare of 1.45%.  The amount you have withheld for federal and state income tax is really up to you.  When you start your job, you will fill out a form W-4,, which will tell your employer how much to withhold.  this will depend on how much you expect to earn during the year.  If you really expect to earn less than $5450, or $8950 if you are not a dependent, you may choose to have nothing withheld by claiming 4 or 5 exemptions.  otherwise, you may want to claim 0 or 1, and have funds withheld to cover your tax liability.