Income tax

[Carlos D.]

If you live in the U.S. how much tax would come off a 700 gross /week pay check

carl

 

[jack.diamond]

Carlos,

A lot depends on the marital status and exemtions you may have. The website below may offer some help.

Jack

http://www.irs.gov/formspubs/article/0, ... 17,00.html

 

[Jogeephus]

Depends on what you make. But in general - in Georgia - if you include state tax - you are going to be able to donate about 40% of your income to the government so they can better tell you how to run your business. Recently, I wanted to give bonuses to employees. I thought $1000 would be good. It took $1400 out of my checkbook per each employee so I could write them an even $1000 check. Then they got to pay the fuel taxes, sales taxes, ad valorem taxes, etc etc.
It amazes me that some people want bigger government. I would imagine if we went back to the rule that only taxpaying citizens could vote - government would be getting smaller not larger. Maybe Crowder can change this in his administration. :lol:

 

[aplusmnt]

If you live in the U.S. how much tax would come off a 700 gross /week pay check

carl

If you were married with no kids living in Kansas it would be

$700.00 Gross
- 67.00 Federal Income Tax
- 23.00 State Income Tax
- 43.40 Social Security Tax
- 10.15 Medicare Tax
________________________
$556.45 Net Bring home

$143.55 taken out for taxes

As others stated it can go up some if you are Single and go down if you have kids. The only thing that does not go down is Social Security and Medicare Tax they are the same no matter how many dependants you have.

Roughly if you were single you would have an extra $45.00 taken out and if you had two kids you would have about $42.00 less taken out.

Also a side note some people do not realize the employer has to match the Social Security and Medicare Taxes. So if you made $700.00 for me it would actually cost me $753.55 just the government got the other $53.55.

But it does not stop there, Insurance, Work Comp and Unemployment are all based on percentages of your pay check. So roughly if you Grossed $700.00 a week you would cost me around $840.00 per week. The other $140.00 either going to my insurance company or to the Government in different ways.

 

[Susie David]

Figure 26%...

 

[cattlemom]

If you are paid as contract labor do you still have to pay social security at the end of the year when you file your taxes?

 

[aplusmnt]

If you are paid as contract labor do you still have to pay social security at the end of the year when you file your taxes?

You have to pay what they call Self Employment Tax. Basically it is the same thing as Social Security Tax your Social Security benefits is what it goes towards.

Only difference is you pay it based on your bottom line not gross. You get to deduct all your business expenses first then you pay on that amount.

I assume Farmers do it the same way?

 

[Jogeephus]

If you are paid as contract labor do you still have to pay social security at the end of the year when you file your taxes?

Yes, but you also will have to pay the employers share as well which is what I believe called the "self employment tax".

 

[aplusmnt]

If you are paid as contract labor do you still have to pay social security at the end of the year when you file your taxes?

Yes, but you also will have to pay the employers share as well which is what I believe called the "self employment tax".

Yea I forgot to include that in my post above. You pay a flat $15.3% vs if you work for someone you pay the 7.65% I listed above.

So if you made $80,000 a year working for someone else you would pay a total of $6,120.00 in SS and Medicare.

If you are self employed and made $80,000 a year you would have to pay in $12,240.00 just for SS and Medicare.

Government makes sure they get their tax money one way or another that is for sure.

Lots of people do not realize there is a whole other $7.65% tax on every dollar you make that is being paid by employer, kind of a back door tax. Makes the IRS pretty well getting around 30-40 percent of every dollar you make.

Then if you figure you pay Sales tax on everything you buy, and special taxes on phone lines, electricity etc.. you can figure the government gets over half of what you make when it is all said and done for a middle class person.

Basically we work Jan through June for the Government and then we get what we make July through December.

 

[Jogeephus]

The tax I think is so crazy is the "intangible tax". Say for instance I buy a squeeze chute for my operation. I pay 7% sales tax on it when I buy it. Then because I own it and it is useful to me in making a profit - but you really can't put a figure on the profit I make with it because it is Intangible. I have to pay a yearly tax on its usefulness. (Farm equipment is exempt from this, I just used this as example but you should get my drift.)