You do not have a standard tax deduction amount for this purpose. Nothing is withheld after the NET take home paycheck issued to you and you have it in your hand.
The employer payroll department would be the only that should be able to tell you how much they will be required to withhold from your GROSS salary, wages, etc. for all of the different taxes and other amounts that they are required to withhold from your gross pay before they issue you the NET take home paycheck.
There is no specific fixed amount or percent. Two people working at the same job, making the same wage may (an almost always do) have much different amounts required to be withheld. THE AMOUNT WITHHELD IS DETERMINED BY YOU...NOT YOUR EMPLOYER, THE IRS OR ANYONE ELSE.
It depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings as a type of tax, but many may not be. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax.
The amount of tax withheld depends obviously o which state (or even city) your in, the amount of income your projected on earning over the year, (which helps determine your tax bracket and the percent that may be required), as well as your filing status, number of dependents and other deductions (like interest on a mortgage) or contributions to 401K, or medical and other benefits you selected, etc., etc.
All these things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to. The variations are so numerous that again, it is fair to say that it would be uncommon for 2 people, working at the same job making the same salary would have the same amount withheld.
There are even a number of different legal ways for the payroll provider to calculate the amount to withhold considering all the above...but overall they make only a small difference.
Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty and interest charges). Again, adjusting your W-4 is the way to correct for any of these circumstances. Just follow the instructions and examples for that form and you should have a very close amount for what is needed withheld for your situation...if for any number of reasons including those above, the situation changes... you will need to change the W-4.
Your employer would be the one that could give you the percentage amount that you could use to try and determine the amount that you may bring home after all of the taxes federal and state are withheld from your paycheck.
It will depend on where you reside as to what taxes are withheld. Federal Withholding taxes, FICA taxes, and Medicare taxes are the federal taxes that are withheld. Most people will also be effected by State taxes and some will even have to pay city or county income taxes along with the other taxes.
Alot
It will be about $1,259 for taxes $2.45.
Yes. At the same rates as anybody else. (There are some special treatments for children who work as household employees or who work for their own parents.) Of course, if you paycheck is very small and you fill out your W-4 properly, you may not have income taxes taken out because of the size of your check, not because of your age. You would still have Social Security and Medicare taxes taken out.
What is percentage of federal taxes in texas?
There are two reasons you may have no federal taxes taken is if you claim exempt on your W4 or if you claim a higher amount of dependents.
The percentage that is taken out of your paycheck depends on your exemptions and the amount of money you make. Generally, around 15% is taken out of each paycheck and held for taxes, social security and other fees.
what is used to determine the amount of federal taxes withheld from a paycheck
Your employer would be the one that could give you the percentage amount that you could use to try and determine the amount that you may bring home after all of the taxes federal and state are withheld from your paycheck.
It will depend on where you reside as to what taxes are withheld. Federal Withholding taxes, FICA taxes, and Medicare taxes are the federal taxes that are withheld. Most people will also be effected by State taxes and some will even have to pay city or county income taxes along with the other taxes.
mississippi
Alot
How much is being taken out of your paycheck in taxes
It will be about $1,259 for taxes $2.45.
A paycheck is the money received when working a business. The paycheck will include the amount they have earned after taxes have been taken out.
A paycheck is the money received when working a business. The paycheck will include the amount they have earned after taxes have been taken out.