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Paycheck and taxes question..

I am in the state of AL. I am working, my dh is not. What is the Medicare, social security percentage? Is it different in every state? We are very low income. Trying to see if I will have enough on payday for the power bill and water. my check before taxes should be 300.000
I didn't claim any exemptions, and under all boxes I put 0.
Any got any idea?
Posted on CafeMom Mobile
by on Oct. 13, 2012 at 2:45 PM
Replies (41-43):
by Bronze Member on Oct. 14, 2012 at 2:27 PM
Medicare is always 0.0145 and social security is 0.042. For a $300 paycheck the Medicare withheld would be $4.35 and the social security withheld would be $12.60. Your take home check should be $283.05. Depending on what you claimed on your w4, there could also be state and federal income taxes withheld as well. If you claimed single and 0, approximately 10% could be taken out for federal taxes, if you claimed married and 0 it will be less than that. I'm not sure what your state tax withholding rates are. (The Medicare and social security percentages only change when congress changes the rates.)
by Silver Member on Oct. 14, 2012 at 3:12 PM
I think social security,also known as FICA, is 7.5%,and then your employer also pays in 7.5%
by on Oct. 16, 2012 at 1:55 PM

Exaclty my thoughts! If you are worried about having enough money for utilities it will be worse if you are short on your taxes and have pay in at tax time!

Quoting sleepymommy87:

I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.

Quoting TeaHound:

If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.
I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.

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