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Paycheck Tax deductions

Discussion in 'BBS Hangout' started by ToyCen428, Apr 7, 2008.

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  1. ToyCen428

    ToyCen428 Member

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    I'm starting this thread because I want to see if anyone else experiences major tax deductions from their paycheck. I recently got a promotion, making $15.35 an hour.

    I worked 80 hrs @ $15.35= $1,228.00
    And 10 hrs OT @ $23.06= $236.37
    With a few bucks extra from promotional monies and such, my gross is $1,470.73

    "Fed Tax" took out $166.06
    "FICA" took out $91.19
    "Medicare" took out $21.33
    Total of $278.58

    My federal taxable wages was $1441.32
    Total tax deducted $278.58
    Percentage taxed of taxable wages= 19.33% of my paycheck, basically.

    Does this sound awfully high to anyone else??????
     
    #1 ToyCen428, Apr 7, 2008
  2. Lil Pun

    Lil Pun Member

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    Well my last paycheck was about $1800 with no overtime and I brought home only $1200 of that. If you're in Texas I believe I have a number of other deductions than you though.
     
    #2 Lil Pun, Apr 7, 2008
  3. Hayesfan

    Hayesfan Member
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    what is your withholding status? Single w/ zero exemptions?

    Go to http://www.irs.gov/pub/irs-pdf/p15.pdf I think its page 44 and you can see what your wages/withholdings should be.

    FICA and Med is always going to be a combined 7.65%

    Hope that helps.

    (ps. also just be glad you don't have to withhold state and local as well)
     
    #3 Hayesfan, Apr 7, 2008
  4. Harrisment

    Harrisment Member

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    Man the more you make, the more the government pounds you in the ass. I took home $900 less than my total wages last pay period. :eek:
     
    #4 Harrisment, Apr 7, 2008
    Last edited: Apr 7, 2008
  5. rhadamanthus

    rhadamanthus Member

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    max that 401k contribution, it's your only solace.
     
    #5 rhadamanthus, Apr 7, 2008
  6. Prometheus

    Prometheus Member

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    What sucks about working for the engineering department is that they're only willing to hire you part time so you don't get any employment benefits. :mad:
     
    #6 Prometheus, Apr 7, 2008
  7. Lil Pun

    Lil Pun Member

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    Be very glad! :mad: :(
     
    #7 Lil Pun, Apr 7, 2008
  8. bobrek

    bobrek Politics belong in the D & D

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    That doesn't prevent you from opening up an IRA. Granted, you don't get an employee match, but depending on your income and the amount you contribute, you may get a tax credit from the government.

    http://www.irs.gov/taxtopics/tc610.html
     
    #8 bobrek, Apr 7, 2008
  9. Prometheus

    Prometheus Member

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    Cool, I'll definitely look into this... :)

    Best time to save is to start early. I should get in the habit.
     
    #9 Prometheus, Apr 7, 2008
  10. codell

    codell Member

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    According to the Pub 15, for a single guy, 1 w/h allowance, semimonthly, grossing $1471, the tax should be $166.00 and the FICA/Medicare is 7.65%, which based on $1471, comes out to $112.53.

    Looks right on the money.
     
    #10 codell, Apr 7, 2008
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