Netlinkaccess - All about Payroll Services and Accounting
*Home>>>Payroll Tax

Payroll Tax calculations?

Hypothetical question. Say you average $600 a week and get paid every two weeks. How can you best calculate how much taxes ( fed., state, FICA, Soc. Security, etc...) will be withheld and what your paycheck will be for. Just interested to know what I may be able to save and what I have to work with.

This is the IRS online tool for this calculation

Claim 1 deduction and you will take home about 80 percent of your pay. Then 0.8 x 600 = 480.00

Go to this web site and punch the number and choose your situation Single, Married, Weekly pay, Semi ....
It will give you a answer right-a-way.

http://www.pensoft.com/taxcalc.asp
In your question : pay 1200/per 2weeks
$1,200 - 131.54 - 74.40 - 17.40 - State tax (Which State?) = 976.66 - Your state tax.
This is if your are single and you count you as a exemption
=

Earning $600.00 Gross
FICA is social security and medicare

Social Security = 6.2% of Gross Pay = $37.20
Medicare = 1.45% of Gross Pay = 8.70
Federal Wh = 10 to15% of Gross Pay = 90.00 at 15%
$600.00 - 135.90 = $464.10 Net Pay

I have no idea what state you are from; therefore I cannot calculate your state or city taxes.
Our Pa state taxes are 3.07% of Gross Pay
Our city taxes are 1.65% of Gross Pay (our city taxes are extremely high)
The state of Ohio calculates state taxes by a table

go to ---- www.paycheckcity.com
it will give you everything you need to know!!!!

Tags
　　Payroll Company 　　Employee Payroll 　　Monthly Payroll 　　Billing Payroll 　　Payroll Checks 　　Payroll Card 　　Payroll Tax 　　Payroll Accounting 　　Online Payroll 　　Adp Payroll 　　Payroll Program 　　Payroll Software
Related information
  • Does a company have to pay "payroll tax" to keep an employee on payroll?

    Payroll taxes are a combination of taxes paid by the employer and employee. First off are income tax withheld from the employees' pay. We are all familiar with that. Then there are Soci...

  • What's the difference between "payroll" tax and corporate or income tax?

    There are 5 different categories of taxes that all business must pay if they have Employees: Federal, Social Security, Medicare, State (Local), Federal Unemployment and State Unemployment. These a...

  • If i owe payroll taxes from a previous business can the irs take my wife's tax refund?

    They will probably intercept the refund and she'll have to file as injured spouse to try to claim her portion of the refund. This is also done when other debts cause refund intercept, such as...

  • Would you support a payroll tax to pay the salaries of those on parental/maturnity leave?

    Yes, I would. Shyt, everything else is taxed--why not help mothers in the labor force?!

    ...
  • What is a 940 payroll tax deposit coupon?

    Federal payroll tax obligations are payable in on of 3 ways: EFTPS: online; or At a federal bank using form 8109 -B which is a generic payment coupon for many types of tax including 940 tax;...

  • Is grouping provision for payroll tax the same as for workers compensation purpose?

    A lot of people get Withholding Tax , Income tax Instalments and State Payroll Tax confused... which are you referring to? If you are referring to State Payroll Tax, which state each each have d...

  • Is the deadline for payroll tax deposits extended another day as a result of this President Ford Holiday?

    Since no one has attempted to answer this question, I'll take a stab. Usually deadlines are extended at the IRS when the due date falls on a holiday or Sunday. Since the day of mournin...

  • What is compute sales tax and payroll tax?

    Samantha, I am a total tax nerd and here is a link to some fun ways to learn about taxes.... ...

    • 　

    Categories--Copyright/IP Policy--Contact Webmaster