Income/Tax question

[jessicacarr]

Let's say i earn $5/hr, but I want to figure exactly how much my net check would be if i were earning $3/hr. It is important to point out that each paycheck i receive does not have the same amount of time on it, because i would want to figure this out with each paycheck i receive...what with the amount of time being different on each one.

My question is: I am looking for a free website where I can punch in the numbers and get that net difference.

Any suggestions?

 

[tropical cooker]

Your net check is kind of a misnomer. Your ultimate net pay can only be determined after you determine your gross income for the year. Your annual net income is computed after the annual taxes have been computed. Annual taxes are base on your "tax bracket" or how much your taxable income is. There are also social security and medicare taxes.

If during the year, your withholding is small, making your net paycheck big, you may owe more taxes in April with your annual tax retrun. (1040) If during the year, your withholding is bigger, your net paycheck will be smaller, but you will have a smaller payment due or a bigger refund in April.

That's the simplest, I can make it. Sorry.

 

[justplainbill]

Net pay (take home pay) generally consists of:
Gross pay less:
- 6.20% x Gross pay for Soc. Sec. tax
- 1.45% x Gross pay for Medicare
- ?.??% x Gross pay for Federal Income Tax withholding
- ?.??% x Gross pay for State Income Tax withholding
- ?.??% x Gross pay for disability insurance tax

The rates for some of the above gross pay deductions may change once during the course of a calendar year.
Once you’ve established the rates applicable for your employment you can place them in an Excel spreadsheet set up to verify the correctness of your take home pay.
An employee can generally request modification of withholding tax levels by submitting a Federal form W-4 and an equivalent state form to their employer.

 

[Andy M.]

Look here

 

[justplainbill]

Look here

Good find Andy

 

[jessicacarr]

Thanks!

Look here

Thanks!!! That's exactly what I was looking for.