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Non-Cattle Specific Topics
Every Thing Else Board
Income tax
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<blockquote data-quote="aplusmnt" data-source="post: 298868" data-attributes="member: 1399"><p>If you were married with no kids living in Kansas it would be </p><p></p><p>$700.00 Gross</p><p>- 67.00 Federal Income Tax </p><p>- 23.00 State Income Tax </p><p>- 43.40 Social Security Tax</p><p>- 10.15 Medicare Tax</p><p>________________________</p><p>$556.45 Net Bring home </p><p></p><p>$143.55 taken out for taxes </p><p></p><p>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. </p><p></p><p>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. </p><p></p><p>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. </p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="aplusmnt, post: 298868, member: 1399"] 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. [/QUOTE]
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