Anyone know how much tax I'm likely to pay?

Does anybody know what my net pay will be approximately on a $706 paycheck (weekly) in GA? I am a student and have earned $0 this year.

 

OK, I'll take a crack at this. Check my math and get a second opinion.

your gross = $706 x appx. 31 weeks left in the year = $21886

FICA
on the whole enchilada = (0.0765 * $21886) = $1674

Fed
standard deduction + exemption 2009 single = $5700 + $3650 = $9350 (estimated)
adjusted gross = ($21886 - $9350) = $12536
2009 projected tax (single) = (0.10 * $8350) + (0.15 * ($12536 - $8350)) = $1463

GA
state tax = $230 + (0.06 * ($12536 - $7000)) = $562

I don't know if you have any other withholding in Georgia (state disability insurance, etc.),
or if you owe any other local taxes.

I would imagine your weekly take-home should be around $580-585.
It is probably less that that...

If so, they are assuming your gross to be (52 x $706 = $36712) and are basing your
taxes on that, which puts you in a much higher tax bracket than you will actually earn for
the year. If this is the case, have them adjust your allowances from now until the end of
the year... and then of course adjust them back after the first of next year.

 

Thanks! That was a great help, I was expecting the IRS to steal a lot more from me!

 

Overall, it's still 17-18%. That sucks, but what can you do???

 

Move to Canada where he would appreciate the US more?

 

from Georgia? That would be quite a change.

 

You'll probably get back virtually all the state and Fed taxes next April, but not the Fica and State Unemployment.

 

dang! remember those days?
I think I pay more tax in an hour....