Roughly, how much money would get taken out of your yearly paycheck (taxes) if you make $35,000/year?

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Adam D

Roughly, how much money would get taken out of your yearly paycheck (taxes) if you make $35,000/year?

starlight_chic06

Assuming that you are single and claim 1 exemption throughout the year, federal withholding should be around $4,000. Social Security (6.2%) and Medicare (1.45%) would total around $2,700. If you have nothing else being deducted you should net around $28,300.

State taxes vary, so there's no way to know how much would be deducted for those.

Hope this helps!

Judy1

7.65%, or $2677.50, for social security and medicare.

Federal income tax would depend on many things, such as your filing status, marital status, dependents, whether or not you're a dependent, and any adjustments or deductions that you have. If you're single, not a dependent, and don't have any deductions or adjustments, your federal income tax would be around $3600 for the year.

Depending on where you live, there might also be state and local taxes - they vary depending on location, so no way to answer that part.

bostonianinmo

Not enough info to say. Your filing status, dependency status, # of exemptions and state all factor in to the equation.

If you're single, not a dependent of another taxpayer and live in a state without an income tax, your total levy will be around 20% including federal income tax and FICA. If you're married with 2 kids and live in MO, it would be around 15% including federal income tax, FICA, and state tax.

Go here for some handy estimators: http://www.paycheckcity.com