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How much money in taxes comes out of each paycheck?


I am graduating in May and im trying to find out how realistic moving out right away would be. I know the approximate range of my starting salary and am just wondering how much of it will end up getting taken out of my paychecks. Thanks!

The amount of tax that is withheld from your paycheck depends entirely on what is claimed on the W-4 form that you give to your employer and how often you are paid.

To see how taxes are calculated based upon your W-4 filing, read IRS Publication 15 and the similar publication for your state. Social Security tax is withheld at 7.65%.

When filling out your W-4, you should claim one allowance for every $3500 in planned deductions to come close to breaking even for the year.

it will depend on how much money you make and how you fill out your tax papers (can't recall if its a W-2 or a W-4) when you start your job

It varies depending upon your income.

For many people, about 5 to 15% comes out for federal income taxes.

6.2% for Social Security
1.4% for Medicare

For some, about 2 to 5% for state and local income taxes.

There is an elaborate formula. The percentage varies with the amount of each check and the number of allowances claimed on form w-4. Social security tax is about 7.5 percent, medicare is about 1.4 percent and the income tax withholding will vary greatly. Figure a low-paying job and only one allowance and the total withholding might be about 15 percent.

if you claim 0 then about 1/3 comes out.....i was making 10 a hr ..40hrs a week i brought home 296...but i live in md...and my friend who claimed 1 brought home about 320

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