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.
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.
