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| *The Commerce Journal>>>Other Taxes |
How much money will I really make after taxes? |
Can someone calculate how much money I would make after taxes? (1) Single, 23 years old and no dependent (2) No investments and all that (3) Pay about $50 a month in medical and life insurance (4) I get paid bi-weekly ($1400) (5) I will make about $13,440 by the end of 2007 How much money can I actually earn every month? and can i file a tax refund or I will own money? Are there ways I can pay less taxes? Thank you! www.paycheckcity.com is a paycheck calculator to help you figure out how much you should have withheld from your paycheck. You should be able to figure out your net paycheck that way. Source(s): www.paycheckcity.com Nope, no one can do it because no one knows where you are (country, state, city). Yes, you must file a tax return. Your income is well above the filing requirement amount. Whether you get a refund or have to pay will depend upon how much was withheld from your pay and what your tax liability is. There's no way to answer that question accurately from the limited information provided. The medical and life insurance isn't going to have any affect on your tax - medical because you don't itemize, and the life insurance wouldn't anyway. This year, if you make $13,440, you are obviously only working part of the year at that rate. I'm guessing that you just graduated from college. If that amount is your gross, then your federal income tax would be around $800 if you can be claimed as a dependent (whether you actually are claimed or not) and a little under $500 if you can't be claimed as a dependent. You'll also pay around $400 to IL, and a little over $1000 for social security and medicare. If the $1400 is your net, there's no real way for anyone here to answer your question without knowing your gross. If you have more withheld than you owe for federal income tax, you'll get the extra back as a refund. For 2007 it would not be surprising if you get a refund of some of what you pay in, but that depends on how you filled out your W-4. For 2008, you'll make a lot more, so will owe much more in taxes. If you are eligible at your job for a 401K, that's a real good way to cut your taxes and also start saving for your retirement. If you are going to gross $13,440 and you make $1,400 gross each pay period you must have worked only about 9 or10 pay periods. As single, with one allowance you would have had approximate $160 withheld each pay period for federal withholding. In 2007 you will have $8,750 standard deduction and exemption which will reduce your taxable income to $4,690. The tax on that amount should be $468 and you would have withheld something in the area of $1,600 which is a refund of $1,132 on your Federal tax return. I don't have the standard deduction amount for Illinois but you would have about $400 in with holding and your tax without the standard deduction is only $343. |
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