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How much will they take out of my paycheck for taxes in New Jersey?

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Finance - Taxes

I’m 17 and I work at a telemarketing agency. I make $ 7.50 an hour and I work 20 hours a week, I don’t need an accurate number, but about how much (in percentage) will they take out of my paycheck?

4 Answers

  1. Equality on Oct 10, 2011 reply

    You pay Social Security and Medicare that is 11%
    Federal and State should be zero since you are low income.
    All depends on what you put on the W4 when you were hired.
    If you just put 1 then expect a total of 30%

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  2. Kerry on Oct 10, 2011 reply

    since you’re part time/low money…tell them not to whold any fed or state taxes out

    of the ck…the SS/Medi are mandatory; the others arent on low income. if those hours

    change substantially then you’ll have to adjust the W4 to reflect tax status.

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  3. tro on Oct 10, 2011 reply

    telemarketing? you very likely will have not withheld because they probably consider you self employed
    and as such you will file Sch C and SE, and pay self employment tax on any Sch C net of $ 400 or more

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  4. Bobbie on Oct 10, 2011 reply

    And this is a employer and you are a employee and the employer will be withholding all of the needed necessary taxes out of your GROSS wages earnings for each pay period RIGHT.
    And after the end of the tax year the employer WILL SEND you a copy of the W-2 reporting your GROSS earnings for the tax year in Box 1 and your FIT $ $ withheld in the Box 2 and the social security and medicare taxes in the for this purpose RIGHT.
    W-4 filled out as single with -0- Allowances for this purpose signed and returned to your employer RIGHT.

    Gross pay $ 150.00
    Federal income tax $ 10.96
    Social Security $ 6.30
    Medicare $ 2.18
    Net pay (take home) $ 130.56

    Effective Withholding Rates

    Federal Taxes
    Federal Income Tax: 7.31%
    Social Security: 4.20%
    Medicare: 1.45%
    Total Federal Taxes: 12.96%


    Hope that you find the above enclosed information useful. 10/09/2011

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