How MUCH will I Pay in Takes?! And get back?!

Question

Hey

I just got a job paying 31 dollars/ hour, and 46.5/ hr overtime. Generally i will be working around 47-50 hours per week. So around 7-10 hours overtime a week. I calculated and I will be making around $1250 per week (pay period) or 65000 and 68000 a year before taxes.

I was wondering how much will uncle sam take away in taxes, and how much will i get back if on my w-4, i have filed as independent and single (so 2 allowances).

Please help!! soo lost!

Answer 1

it depends on where you live.  a good percentage is about 25 percent of your salary.  you will know when you do your tax returns.  if you are getting a refund think about giving someone an interest free loan for a year or more. that is what your giving the government. you could take this money and collect interest on it. you are better off owing the government a little.  you will never come out even.  good luck. hope this answered your question

Answer 2

Federal will take around a thousand a month, according to the tables.  Depending on your state, it depends.  Nevada, and Alaska don't have state tax.  California would take around 160 per month.  Social Security will take around 300 per month I believe.

Answer 3

Uncle sam and various taxes take about 30 percent to 1/3

i can't predict how much you will get back. but usually if you loose the long form, you get back ,more than with the short form.

but you have to keep records of sales taxes, mileage for work, medical expenses,  a whole bunch of stuff.

so it makes sense to work the short form and the long form, and use ( and send in ) the one that gets you the most money back.

best things you can do to pay less?

start an IRA  and buy a house

Answer 4

There is no way anyone can tell what you will get back without actually doing your tax returns.  Why do you want to know so badly?  Getting money back means that the government incorrectly took it from you and held it, interest free, and then gave it back.  Hopefully you get back nothing, that is the best for you as it means that you got to keep all YOUR money all year.

Also, I live in Michigan and my taxes worked out to be around 27 percent.

Answer 5

OMG, I get 10 $ / day. :| but I live in Romania. Be happy that you have that job, and don't worry about the taxes.