Salary tax question: How much will I take home here?

[tjdee]

This job will pay 10 bucks an hour for part-timers...I plan on working 37-40 (full time) but I assume it'll be $10/hr still. I'm filing as head of household-- one dependent (so there's two of us). I live in Jersey.

I know there's Federal tax (I think I'd be in 15%), FICA/Medicare (I think both end up about 8%)....state (anyone know how much that is?)....what other taxes?

They offer a 401k as well--do I have to sign up for that, or does it come out of my check regardless?

By the time I'm done am I going to have $4 bucks an hour LOL (actually not even that much LOL)?

Is there a calculator online somewhere? I wish I had my old paystubs to look at all this...

Thanks to anybody who can shed some light here.

[NJCher]

1. go to the IRS Web site

they have all the tables there. Drop-down menu box, if I recall.


Cher

[papau]

2. 10/hr 40hrs is about 20,000 - your making bit too much for the earned

income credit - but if you lose 2000 from fewer hrs you might get back a few dollars (very few - much less than the 2000) from the EIC.

I believe you taxable wage after personal decustions will put you in a 10% bracket and that means a max payment of about $1000 - more likely zero (your withholding I do not recall - and it might be more - claim 6 exemptions on the W-4 you fill out on your first day to make withholding zero)


The FICA of social security is 6.2 percent and the Medicare tax rate is 1.45 percent - meaning about $1500

I do not know NJ state but a safe guess would be 40% of Fed, or max about $400.

You MUST sign up for 401k.

Unless they provide a match (for instance you sign up for 6% and they will then add 3%) you are most likely better off not signing up as your immediate cash needs are better met with you paying cash instead of a credit card. debt, interest, and payment penalities -- your tax savings would be very minimal.

They offer a 401k as well--do I have to sign up for that, or does it come out of my check regardless?

By the time your done you should be taking home over 18000 - 9 per hour - but if you then pay for the health insurance you may only see 6 per hour.



http://www.irs.gov/individuals/page/0,,id=14806,00.html

is the IRS site for doing a simple approximation.

[tjdee]

3. Thank you NJCher and papau...

For some reason I'd not considered the IRS site (geesh and I'm asking this question on a Friday night!)...a big DUH there.

Papau, thank you for all the detail..it helped a lot.