How do you figure income tax or withholdings ... ballpark ?

[P]

What is the average % you should expect uncle sam to take out of each paycheck ?

 

[bigsilly]

In my case my federal withholding is 32%, FICA is of course 7.65%, and Mississippi state tax 4.2%. Now I over withhold because over 50% of my income is commission based. I usually get a healthy refund back which is a-okay with me, so long as I do not have to pay in I am happy.

 

[InDaShop]

Dizzam Joel, 43.85% withheld earmarked to tax burden!!!! DAMN!!! I use 37% for all of my shoot from the hip tax #'s. So $37's of every $100 you earn will end up in Undle Sam's or one of his entities pockets.

 

[bigsilly]

Yeah Wyatt, it sucks ballz. But like I said I get a good refund so it is all good...

 

[Bones]

I go with 35%, sometimes less. I do not like huge refunds, but like all I hate paying in. I got 3500 back last year and would have rather had it in my pocket over the previous 12 months. My $0.02

 

[InDaShop]

Bones, i agree that it usually ends up 35% or less but for a ballpark you always should play conservative.

 

[bigsilly]

Paging Brock to this thread... He should be able to give you the 411.

 

[BamaTJ]

Depends on tax bracket by 30 to 35% is a good measure

 

[John Galbreath Jr.]

100% of everything you make through May 15th. Then the rest is yours.

 

[jeepchipjones]

So I guess Im doing good at 18% taken out and decent refund at the end of the year

 

[P]

So I guess Im doing good at 18% taken out and decent refund at the end of the year

Oh sure now you post bragger ! Were you been ?

 

[InDaShop]

So I guess Im doing good at 18% taken out and decent refund at the end of the year

Shoot me the name of your accountant I need a new one.

 

[blacksheep10]

open a shop, lose money like a muh fugger and write off everything

 

[jeepchipjones]

Oh sure now you post bragger ! Were you been ?

Just working, went to the CWS in Omaha with my dad, moved into a new apt, getting it set up, arguing with my landlord (already), and parting out my jeep ;D

Oh and I dont have an accountant, Im just a broke college student with a kid

 

[Brock]

Depends on tax bracket by 30 to 35% is a good measure

That is about right. I'd rather pay a little back than get a refund. A refund is nothing more than you giving the federal government a interest free loan.