Is it normal that I am taxed $357 of my $1307 paycheck each fortnight???

Question

So i can only cash in $949.

What does this mean??

Do i get most of it back at the end of the yr?

Please help, I had no idea NY taxed so heavily and don't know how i can afford this!

Answer 1

Federal taxes, state taxes, fica, social security. Everyone gets a bite. I usually figure I clear 70% of my pay after taxes and benefits.

Answer 2

Sounds about right - but each person has their own unique situation.

Just think of all the rich people who have to turn over 50% of their paychecks to the government.

Answer 3

Welcome to being an adult.

If you used single 1 or single 2 (assuming you aren't a dependent), the tax bill seems about right.

Answer 4

sorry, u got bump.

Answer 5

That's sounds about right.  If you "had no idea" then you've been living a sheltered life.

Answer 6

Go to www.paycheckcity.com and you can see how much your check should be or in your circumstances, since we do not have enough data to answer your question.  How many allowances do you have on your W-4 form?  What is the withholding divided into?  The only withholding you can get back is labelled Federal withholding (it depends on how much tax you owe), you do not get SSDI or FICA back.