FundRobot » Trust Funds » How much tax percentage is taken out of each paycheck?

Reply
Old   #1 (permalink)
 
Posts: 2,546
Default tax percentage is taken out of each paycheck

I live in West Virginia and I file taxes single no exempts or exceptions... i get 26-32 hours a week and get paid bi- weekly. I make 7.95 an hour... what is the percentage of taxes that get taken out of each paycheck. And i want tax percent not the exact dollar amounts taken out for taxes. I don't hardly ever make the same amount of pay due to never having a set schedule and never getting the same hours so my hours and gross pay differs but If you need to know exact hours use 29 hours since that's about the average hours I work. Thanks.

Beauty2000 is offline   Reply With Quote
Old   #2 (permalink)
 
Posts: 2,620
Default tax percentage is taken out of each paycheck

The only one that does really have set percentages FICA taxes social security and medicare taxes together is 7.65% that amount is required to be withheld by your employer from your gross wages for each pay period during the 2014 tax year and your employer does match that amount to be sent on to the SSA Trust Fund,
And none of that amount would be refunded to you.
FIT and SIT amounts are regulated by the way that you do fill out the W-4 Employees withholding Allowance certificate for the federal income tax amounts to be withheld as TAX CREDIT amount to be used on the correct line of 2014 1040 FIT return during the 2015 tax filing season and a possible REFUND amount when that amount would be MORE than your FIT liability would be at that time.
The state income tax amounts would also have their own form for this purpose during each tax year for the SIT amounts to withheld as state TAX CREDIT amounts in the same way as the FIT BUT on your state income tax return during the 2015 tax filing season.
Hope that you find the above enclosed information useful. 02/03/2014
Awesome90 is offline   Reply With Quote
more..
Old   #3 (permalink)
 
Posts: 2,526
Default tax percentage is taken out of each paycheck

income tax is not based on a % it is based on your gross amount and considering the allowances you claimed on your W-4
7.65% is withheld for FICA, maybe 1 % or more or less for a state employee tax
TopGear.12 is offline   Reply With Quote
Reply

Bookmarks

Thread Tools