How Much Tax Is Taken Out Of Each Dollar In Florida, US, If You Make Minimum Wage?

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Josh Profile
Josh answered
The previous answer provided is slightly inaccurate. Here are a couple of corrections. You will out a W-4 form, not a W-2. The W-2 is your annual reconciliation form given to you at the end of the tax year. To determine exactly how much tax will be taken out for federal tax you will need to check the IRS Circular E, which is available on www.irs.gov. It will be determined by your filing status, the number of allowances you claim, and how frequently you are paid. Florida has NO state withholding, so you do not need to worry about figuring this. Other federal withholding such as social security and medicare have fixed rates of 6.2% and 1.45% respectively. Therefore, if you were to make minimum wage in Florida of $6.67 working 40 hours a week, paid on a weekly payroll and claiming Single 0 on your W-4 with NO other deductions which might affect the taxable gross of your check such as health insurance or 401K, your withholdings might look like this:

GROSS: $266.80
FEDERAL WITHHOLDING: $25.19
STATE WITHHOLDING: $0.00 (no SWT in Florida)
SOCIAL SECURITY: $16.54
MEDICARE: $3.87
NET CHECK (take home pay): $221.20

Bear in mind that your check MAY BE DIFFERENT TO THIS. You should not assume that your employer is cheating you if it is. As always, if you have more detailed questions your best port of call is a CPA or Tax specialist.
Anonymous Profile
Anonymous answered
A state sales tax is levied at a rate of 7.5%. How much tax would one pay on a purchase of $550?
Anonymous Profile
Anonymous answered
Your withholding rate is based on the W-2 form you filled out with this employer, plus your wage. You can check the federal tax rates (by income bracket) and verify that you have set your withholding at the appropriate level at the IRS website, www.irs.gov. In addition to federal income tax, your Social Security and Medicare contributions are deducted from your paycheck. Other taxes deducted from employee paychecks can include state and local income taxes (this varies throughout the U.S.). You can check on each of those rates separately by using a term such as "social security withholding" or "Florida income tax rate."

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