| Finding Federal Withholding Percentage |
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adian
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 10 Feb 2006
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| Finding Federal Withholding Percentage |
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Hello,
I have to admit that as far as taxes and personal finance in general goes, I'm really green. I've finally got a decent job and am looking to move out of my parents' home into a place of my own. To do this, I need to find out approximately how much of my bi-weekly paycheck I'm actually taking home.
I've been able to reverse engineer most of the taxes taken out of my paycheck to a percent (I'm hourly, so finding fixed amounts won't help me), but the Federal Withholding seems to change depending on the amount of my pay.
Now, I know that there's a fair bit that goes into finding this - tax bracket, marital status, dependants - and I'm not looking for anyone to do it for me. I'm just trying to get a push in the right direction, maybe have a fairly basic explanation of what exactly is going on. I've had some people point me to literature on the IRS's website but I couldn't make heads or tails of it - I couldn't even really find the relevant information.
Anyway, any help with this would be greatly appreciated. I know it's something that's fairly complicated, but if I can get even a little light shed on the subject it'll help.
- Pat
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Fri Feb 10, 2006 2:54 pm |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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This can give you an idea of federal tax and marginal tax bracket for annual income http://www.irs.gov/formspubs/article/0,,id=150856,00.html
Or to see what withholding would typically be per paycheck read through http://www.irs.gov/pub/irs-pdf/p15.pdf especially the part beginning on page 34 and tables that follow for different pay periods and exemptions.
For my January bonus, I do not know what time period was used for withholding. Taxes and 401k contribution sucked up half of it.
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Sat Feb 11, 2006 1:18 am |
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