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

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

Discussion in 'Other Off Topic Forum' started by Patrick_Bateman, May 22, 2009.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

  1. Patrick_Bateman

    Patrick_Bateman Formula Junior

    Dec 7, 2008
    395
    #1 Patrick_Bateman, May 22, 2009
    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.
     
  2. blockhead

    blockhead F1 Rookie

    Jan 21, 2008
    2,526
    rock {me} hard place
    Full Name:
    knight who says "ni"
    #2 blockhead, May 23, 2009
    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.
     
  3. Patrick_Bateman

    Patrick_Bateman Formula Junior

    Dec 7, 2008
    395
    #3 Patrick_Bateman, May 23, 2009
    Thanks! That was a great help, I was expecting the IRS to steal a lot more from me!
     
  4. blockhead

    blockhead F1 Rookie

    Jan 21, 2008
    2,526
    rock {me} hard place
    Full Name:
    knight who says "ni"
    #4 blockhead, May 23, 2009
    Overall, it's still 17-18%. That sucks, but what can you do??? :D
     
  5. PeterS

    PeterS Five Time F1 World Champ
    Silver Subscribed

    Jan 24, 2003
    52,193
    Goodyear, AZ
    Full Name:
    PeterS
    #5 PeterS, May 23, 2009
    Move to Canada where he would appreciate the US more?
     
  6. blockhead

    blockhead F1 Rookie

    Jan 21, 2008
    2,526
    rock {me} hard place
    Full Name:
    knight who says "ni"
    #6 blockhead, May 23, 2009
    from Georgia? :) That would be quite a change.
     
  7. UroTrash

    UroTrash Four Time F1 World Champ
    Consultant Owner

    Jan 20, 2004
    40,498
    Purgatory
    Full Name:
    Clifford Gunboat
    #7 UroTrash, May 23, 2009
    You'll probably get back virtually all the state and Fed taxes next April, but not the Fica and State Unemployment.
     
  8. italiafan

    italiafan F1 World Champ
    Silver Subscribed

    Jul 19, 2006
    16,121
    Full Name:
    Stickbones Swagglesmith
    #8 italiafan, May 23, 2009
    dang! remember those days?
    I think I pay more tax in an hour....:(
     

Share This Page