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With holdings are based on expected earnings. When they calculate your taxes in payroll, they assume that you will be earning that same amount through out the year. So if you're making $10 and working 20 hours a week, for $200 a week, they assume that you'll earn about $10,000 in a year. At that level, you will owe *very* little, probably nothing, even in CA. Therefore you'll have very little withheld. If you were making $500 a week, you're in a different tax bracket, and you would have much more withheld. I know, between my tax bracket, and my employee share of health insurance, and payments into my retirement system, I see about 60% of my gross earnings. (Gross earnings are what you make before with holdings) You can file "exempt" in Virginia Beach if you're a full time student and do not expect to earn enough to owe taxes. They will not with hold any state or federal taxes if you choose to do that. However, if you end up earning more, you run the risk of owing taxes. Employers must with hold social security and medicare taxes for all employees. The the Social Security tax rate is 6.2 percent on income under $113,700 through the end of 2013. The Medicare tax rate is 1.45 percent of all income. Together, that's 7.65. They also must withhold state disability and employment training taxes in CA. Those are about 1.1% together. All together the mandatory withholdings are about 8%. Beyond that it's the expected earnings formula. Even if you work full time at 10/hour, and you have taxes withheld, it will be maybe 20%. That's assuming you'd be in the lowest tax bracket, and earning $20,000,as you would at 10 an hour. Here is a real life example: last year my daughter worked about 10 hours a week in her senior year. She made $8 an hour. When she went to college in September, she didn't work at all. She earned about $3,000, had $17 withheld in California state taxes, and $175 in federal taxes. She received a full refund of both. Hope this helps. Your mom isn't lying. Your mom is basing her answer on what she and/or your dad earn. You won't have as much withheld, because you won't earn as much. They base withholdings on what you're expected to owe.
The deductions from your paycheck depend on what state you live in, too. If your state has an income tax you will pay into that, too. But at minimum wage you will probably get all that back when you file a state tax return. Same with federal. You also pay into unemployment and, again depending on the state, several other programs including social security. You do not get those back however. It would only be half if you were in a very high tax bracket, maybe close to a million dollars a year. I found this calculator for payroll taxes that should be a little closer to reality: guess is mom doesn't want you to work, but stay in school. And there she is right. I kept hunting and found this paycheck calculator. You can change it for any state:
No. It's more like 1/4-1/3 of your total pay goes to state and federal taxes. Virginia Beach is one of the higher taxed states. Most employers have wages based upon how much they have to pay total, not how much the employee will take home. So your $8 is before taxes.
Dont know about half, but they do take a big chunk out of your paycheck for taxes and social security i always thought it was more around 30%. youll probably make around $5-6. how is your mom gonna scam you when you are gonna be the one holding the paycheck? lol. i think your mom is exaggerating a bit maybe to prepare you so that you are not shocked by how much they take out of your wages EDIT: i guess i was high on my estimate. it seems to be more around 18-20%. im sure its not 50 though lol
Well, it depends on how you're filing your tax forms. As a teenager, you pretty much have to file a "0" for deductions, and once you take Medicare/FICA/etc. into account, you're bringing home way less than you imagined. It may not be 50%, but yeah, it's pretty substantial. According to this calculator: $200 paycheck goes down to net pay of $156.57 after taxes: FICA OASDI: $8.40 FICA Medicare: $2.90 Federal tax: $10.73 State and local tax: $11.40 457 plan withholding: $10.00 My first paycheck was a shock, because I expected every penny to be there based on hourly rate x hours worked. Taxes eat a big chunk of that.
It depends - when will you start working? Taxes and other government deductions (federal tax, state tax, fica, social security, unemployment insurance) are getting bigger and bigger. Plus, soon the Obama care will be in effect and you'll be forced to pay for that. If you get a job with health insurance, big chunk of your paycheck will go to that now as well, but at least now you can decide whether you want to do that or not.
Not sure how it works in the USA but over here in the uk we have to pay tax on what we earn like national insurance etc. which is a percentage of our wages. But it won't be half, that's ridiculous. You won't get taxed 50% of your earnings... Unless you're earning like £150,000+... Which you're not, hope it helped.
No. She's lying. You get full pay, minus small govt deduction, but it's very a very small deduction. You would take home with you way more than half. Maybe she's running you a scam in which she keeps half of the money you make without you knowing. Just saying, some parents would do that.
No, you make the eight dollars because its minimum wage.
Nooooo, whatever you get paid. is what you take home