When trying to figure out how much taxes will be taken out of my check do I go by the actual amount I make? Or the amount of make if I was working for an entire year?
As in let’s say I’m supposed to make 10,000 for working from January first through December 31.
But I start July 1, meaning I’ll only make 5,000 this year. So I only pay taxes on what I actually make, correct? So that would mean my tax bill will be lower this year and I’ll take home more per week than next year when I work the entire year, correct?
I pulled those two numbers out of my ass, they would not be my salary but I figured it was the easiest way to explain my question.
Stupid question about taxes
In the US, you will be taxed according to the amount of exemptions.Guest wrote: ↑Sun Jun 24, 2018 8:38 am When trying to figure out how much taxes will be taken out of my check do I go by the actual amount I make? Or the amount of make if I was working for an entire year?
As in let’s say I’m supposed to make 10,000 for working from January first through December 31.
But I start July 1, meaning I’ll only make 5,000 this year. So I only pay taxes on what I actually make, correct? So that would mean my tax bill will be lower this year and I’ll take home more per week than next year when I work the entire year, correct?
I pulled those two numbers out of my ass, they would not be my salary but I figured it was the easiest way to explain my question.
In that case, no, you won't pay less because you started in July.
-
- Regent
- Posts: 3434
- Joined: Sun May 27, 2018 8:53 pm
You won't be taxed at a lower rate because you started in July but you will only be taxed on the amount of money you actually made.
So, if you make $10K in a whole year but you're only working part of the year, you will be taxed at the same rate but only on the amount of money you made.
So, if you make $10K in a whole year but you're only working part of the year, you will be taxed at the same rate but only on the amount of money you made.
- Gorilla_Mama
- Regent
- Posts: 3994
- Joined: Tue May 22, 2018 11:46 am
No. Your weekly check will be taxed on what you made that week. It’ll be consistent unless your hours or wage goes up or down.
At the end of the year, your annual taxes will only be based on $5k but that only affects your refund or payment, not your weekly check.
At the end of the year, your annual taxes will only be based on $5k but that only affects your refund or payment, not your weekly check.
- bluebunnybabe
- Donated
-
Regent
- Posts: 3972
- Joined: Mon May 21, 2018 9:56 pm
They will take taxes out of your pay based on your deductions and pay for that pay period. When you file your taxes, they will be based on what you made for the year.
Kid Crack Dealer
-
- Duchess
- Posts: 1562
- Joined: Thu May 24, 2018 5:51 pm
mrsmacgiver wrote: ↑Sun Jun 24, 2018 9:27 am You won't be taxed at a lower rate because you started in July but you will only be taxed on the amount of money you actually made.
So, if you make $10K in a whole year but you're only working part of the year, you will be taxed at the same rate but only on the amount of money you made.
- Zoegirlsmom
- Viscountess
- Posts: 163
- Joined: Thu May 24, 2018 2:03 pm
I always figure 25% of income taxes. You are only taxed on actual income.