Estimating withholding tax

#8 10-22-2003, 03:37 AM

Thanks for the helpful replies, you've answered my question.

Dirk

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#7 10-18-2003, 06:53 AM

"Dirk" <abadaba[at]hotmail.com> wrote:

- quote -

> A friend will soon be starting a new job, & I am trying to
> help her determine how much federal tax will be withheld
> from pay each period (she will be paid every 2 weeks). Her
> gross income is $54,000, and she has 2 exemptions in total.
> I've looked at the IRS site & have not been able to find
> this info, where might I look? She also would like to know
> the impact (in terms of wmount withheld each check) of
> claiming only 1 of her exemptions (herself) on her new W4.

Try www.paycheckcity.com

The calculators there are usually within 1 cent of my paycheck.

Gary

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#6 10-18-2003, 06:53 AM

"Dirk" <abadaba[at]hotmail.com> wrote:

- quote -

> A friend will soon be starting a new job, & I am trying to
> help her determine how much federal tax will be withheld
> from pay each period (she will be paid every 2 weeks). Her
> gross income is $54,000, and she has 2 exemptions in total.
> I've looked at the IRS site & have not been able to find
> this info, where might I look? She also would like to know
> the impact (in terms of wmount withheld each check) of
> claiming only 1 of her exemptions (herself) on her new W4.

Try here: http://www.irs.gov/individuals/page/0,,id=14806,00.html

If that does not do, try here: http://www.taxtools.com/w4.htm

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#5 10-18-2003, 03:08 AM

Dirk wrote:

- quote -

> A friend will soon be starting a new job, & I am trying to
> help her determine how much federal tax will be withheld
> from pay each period (she will be paid every 2 weeks). Her
> gross income is $54,000, and she has 2 exemptions in total.
> I've looked at the IRS site & have not been able to find
> this info, where might I look? She also would like to know
> the impact (in terms of wmount withheld each check) of
> claiming only 1 of her exemptions (herself) on her new W4.

If you have a computer and are able to program it,
at least include spreadsheet macros, you can look to
IRS Publication 15. (Actually, 15-T for this year, and
15 when released in December for 2004.)

If not, you can try http://www.paycheckcity.com for a payroll
tax calculator.

--
This account is subject to a persistent MS Blaster and SWEN
attack. I think I've got the problem resolved, but, if you
E-mail me and it bounces, a second try might work. However,
please reply in newsgroup.

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#4 10-18-2003, 02:49 AM

"Dirk" <abadaba[at]hotmail.com> wrote:

- quote -

> A friend will soon be starting a new job, & I am trying to
> help her determine how much federal tax will be withheld
> from pay each period (she will be paid every 2 weeks). Her
> gross income is $54,000, and she has 2 exemptions in total.
> I've looked at the IRS site & have not been able to find
> this info, where might I look? She also would like to know
> the impact (in terms of wmount withheld each check) of
> claiming only 1 of her exemptions (herself) on her new W4.

For a single person, (or married person voluntarily claiming
such status) bi-weekly salary $2,077 FIT withholding per Publication
15-T (June ,2003)
0 exemptions $375
1 exemption $345
2 exemptions $316

For a married person, bi-weekly salary $2,077 FIT withholding per
Publication 15-T (June ,2003)
0 exemptions $237
1 exemption $219
2 exemptions $201

These amounts can differ slightly, since several different
methods of computation are allowed.

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#3 10-18-2003, 02:49 AM

"Dirk" <abadaba[at]hotmail.com> wrote:

- quote -

> A friend will soon be starting a new job, & I am trying to
> help her determine how much federal tax will be withheld
> from pay each period (she will be paid every 2 weeks). Her
> gross income is $54,000, and she has 2 exemptions in total.
> I've looked at the IRS site & have not been able to find
> this info, where might I look? She also would like to know
> the impact (in terms of wmount withheld each check) of
> claiming only 1 of her exemptions (herself) on her new W4.

Download Publication 15-T, New Withholding Tables (For Wages
Paid Through December 2004).

Mike

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#2 10-18-2003, 02:48 AM

"Dirk" <abadaba[at]hotmail.com> wrote:

- quote -

> I've looked at the IRS site & have not been able to
> find this info, where might I look? She also would
> like to know the impact (in terms of wmount withheld
> each check) of claiming only 1 of her exemptions
> (herself) on her new W4.

See the 2003 Publication 15-T.

http://www.irs.gov/pub/irs-pdf/p15t.pdf

If she's paid every two weeks, her gross paychecks should be
$2,077 ($54,000 / 26).

If she's single, see page 10 and look towards the bottom of
the page for persons whose biweekly pay is in the $2,060 -
$2,080 range. The withholding for 2 allowances (not
exemptions) is $316 per payperiod. For one allowance, the
withholding would be $345. If she's married, see the
corresponding withholding table for married persons is on
page 12.

Barney Byrd

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#1 10-18-2003, 02:48 AM

Dirk" <abadaba[at]hotmail.com> wrote:

- quote -

> A friend will soon be starting a new job, & I am trying to
> help her determine how much federal tax will be withheld
> from pay each period (she will be paid every 2 weeks). Her
> gross income is $54,000, and she has 2 exemptions in total.
> I've looked at the IRS site & have not been able to find
> this info, where might I look? She also would like to know
> the impact (in terms of wmount withheld each check) of
> claiming only 1 of her exemptions (herself) on her new W4.

http://www.irs.gov/pub/irs-pdf/p15t.pdf

Alan
http://taxtopics.net

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10-18-2003, 02:29 AM

- quote -

> A friend will soon be starting a new job, & I am trying to
> help her determine how much federal tax will be withheld
> from pay each period (she will be paid every 2 weeks). Her
> gross income is $54,000, and she has 2 exemptions in total.
> I've looked at the IRS site & have not been able to find
> this info, where might I look? She also would like to know
> the impact (in terms of wmount withheld each check) of
> claiming only 1 of her exemptions (herself) on her new W4.

Go to www.irs.gov then forms and publications then pub 15T.

Helen, EA in PA
Member of The Tax Gang
President, PA Society of Enrolled Agents
Campaigning for NAEA Board of Directors - Looking for YOUR vote

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#-1 10-13-2003, 05:09 AM

A friend will soon be starting a new job, & I am trying to
help her determine how much federal tax will be withheld
from pay each period (she will be paid every 2 weeks). Her
gross income is $54,000, and she has 2 exemptions in total.
I've looked at the IRS site & have not been able to find
this info, where might I look? She also would like to know
the impact (in terms of wmount withheld each check) of
claiming only 1 of her exemptions (herself) on her new W4.

TIA

Dirk

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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