How much tax should I take out? Im doing it myself.?

Question

I make 700 a week. I am a full time grad student and I will be pay 9300 a year. I am also still under my dads insurance since I am a full time student. Im from PA. How much should I take out weekly and set aside for taxes?

Answer 1

Go to PayCheckCity, enter your data, and it will compute your withholding allowances for you:

http://www.paycheckcity.com/NetPayHRates...

Answer 2

Is your employer taking out any tax from your paycheck?  If they are you shouldn't have to put aside much or anything at all, just change your withholding status.  If they aren't that means you are responsible for your own taxes and you will be responsible for your own taxes and since you make a pretty good bit that will still be high, even after your tuition deduction.

Answer 3

If neither your father nor anyone else will be eligible to claim you as a dependent, you will be able to claim yourself and to take a several thousand dollar standard deduction, making it unnecessary to set aside much money for taxes if you make only $9300 per year.

If either your father or someone else will be eligible to claim you (whether or not they actually do claim you), you cannot claim yourself.  Set aside 10-15% for federal taxes and something (less) for PA taxes.

Answer 4

30% OF YOUR PAY.

Answer 5

If you are a dependent, you'll owe around $400 for federal income tax, $1315 for self employment tax (social security and medicare), and $276 for PA income taxes for the year.  If you are not a dependent, you will only owe around $50 for federal income tax - the other two will be the same.

You'll need to make quarterly estimated payments to the feds and to PA