If I make 40k a years how much I'll pay in taxes?

Question

I'll be working as a nanny, and I'll be paid $800 a week each is between 40,000 to 41,000 a year.

As a nanny do I pay all the taxes or the employe have to pay pert of my taxes to?

anyway, I wonder how much of taxes I would have to pay?

Thanks

Answer 1

It's about a third of what you make, and it also depends on how many deductions you have, etc.  It varies.  :)  Congrats on making that much though!  Haha.

Answer 2

If Obama gets elected, you'll be paying all of your income in taxes.

Answer 3

If a company is paying you, you will have to pay taxes. If a corporation or company is paying you, you will. It's very simple.

Answer 4

depends on where you live and how many dependants you claim, ask a tax accountant

Answer 5

That really depends on alot of things, you can actually find that information online

Answer 6

I always count on 20%.  But you can always pay more, depending on what exemptions you are claiming.  (or less for that matter, but you may owe more at the end of the year if you are claiming a lot of dependants.)

Answer 7

If you are self employed (cash under the table), i would suggest you pay @ least 6000.00 of the 41000.00. when preparing your taxes....your self employment tax will be calculated, which includes medicare and social security. Be sure to keep track of all work expenses, these are deductible for those who are self employed.

Answer 8

It all depends on if you are being paid as a 1099,(which you pay double taxes on everything ) or if you are being paid as an employee with taxes taken out by your employer.

Also if your state has a State Income Tax  (1099 you would pay double tax on that also) you will have to pay into this also.

Answer 9

If the family hiring you does things legally and treats you as a household employee, they will withhold 7.65% of your wages for social security and they'll pay in a matching amount for you.  Otherwise you'll have to pay both halves, around $5700.  You'll also owe somewhere around $4500 for federal income tax, plus possibly some state and/or local income tax.

Answer 10

i think so