Quick paycheck question...

[jaksilee]

I am currently unemployed and am about to have a company give me a offer so I'm try to figure out what I need to get vs what I want to get. So here is my question.... I need to find out what is the % I use to take out tax to figure a aprox take home amount. My income would be in the 21,000-22,000 gross range. I have been told before to take out 25% ...but I could swear the recently I heard to take out 27%. Does anyone know what I should use???

[jmjj215]

Re: Quick paycheck question...

Do you have any dependents?

[jaksilee]

Re: Quick paycheck question...

nope!

[sweeps]

Re: Quick paycheck question...

The tax brackets are misleading. First, different tax rates apply to different levels of income. Second, deductions (including the standard deduction which I assume you'll be using) can make a big difference.

If you earn $21,000, your federal taxes will be roughly $1600. Your state taxes (3% in Illinois after deductions) will be roughly $600. Net salary: $18,800 or $1560/month.

[jaksilee]

Re: Quick paycheck question...

is that just for taxes...or is that including all of the other stuff that is taken out of a paycheck?

[sweeps]

Re: Quick paycheck question...

Just taxes.

Health insurance, 401(k) contributions, etc. would take an extra bite. Those costs could vary quite a bit depending on what the company offers and which benefits you choose.

[sweeps]

Re: Quick paycheck question...

Sorry, more bad news

I forgot about FICA (social security) and Medicare taxes. Those would be an additional $150/month.

That leaves you with about $1400/month after taxes but before other deductions. Sorry

[jaksilee]

Re: Quick paycheck question...

Sorry, more bad news

I forgot about FICA (social security) and Medicare taxes. Those would be an additional $150/month.

That leaves you with about $1400/month after taxes but before other deductions. Sorry

That's what I thought.

Thank you!

[locolorenzo24]

Re: Quick paycheck question...

This is funny...it's like a post I would type. I make about the same and comes to roughly 1500 a month....but I only lose taxes on the money....Trying to estimate how much a refund might be, but too early to tell with deductions and all....