"Terry" <kilow...[at]charter.net> wrote:

- quote -

Thanks to everyone that answered.

I just wanted to be able to tell her something like......if
you keep putting those ring tones on your cell phone, you
will have to work an extra 3 hours just to be able to.

I was thinking her tax would be more than estimated 0.75/hr
you guys came up with. I am glad to know it isn't.

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"Terry" <kilow...[at]charter.net> wrote:

- quote -

There isn't enough information to answer.

Age, living arrangements, etc. all come into play. Also, you
are effectively asking about a 2007 tax return. The laws may
change...

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- quote -

$5.76 after federal income tax, Social Security, and
Medicare taxes, with no state tax. That's based on a lot of
assumptions, of course.

Bob Sandler

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"Terry" <kilow...[at]charter.net> wrote:

- quote -

Running this through Turbo Tax, I figured that her federal
income tax liability would be $508 (based on gross income of
$13,520, single, no dependents, standard deduction, and not
being claimed by anyone else as a dependent). Her total
hours would be 40 x 52 = 2,080, so her hourly rate after
federal income taxes would be about $6.255.

However, she would also have to pay Social Security tax at
6.2%, and Medicare tax at 1.45%, of her gross. So her TOTAL
federal tax liability would be $838.24 Soc Sec + $196.04
Medicare + $508 income tax = $1542.28, and her hourly rate
after all federal taxes would be about $5.758.

And that doesn't take state income taxes, state disability
insurance, city income taxes, etc. into account.

Katie in San Diego

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"Terry" <kilow...[at]charter.net> wrote:

- quote -

Using your assumptions, her annual income will be $13,520.
For 2006, the standard deduction is $5150 for a single
person and the personal exemption is $3300, so her taxable
income is $5070 and her tax would be about $507. That makes
her hourly wage after federal income tax of $6.26. If you
include SS/Medicare, her take-home pay would be $5.76/ hour,
assuming no state taxes taken out.

The actual number will be someone different because she
didn't start working Jan. 1, and the deduction/exemption
numbers will increase for 2007. Plus, minimum wage is $5.15
right now, so you might have an incorrect number for income.

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"Terry" <kilow...[at]charter.net> wrote:

- quote -

$6.50 x 40 x 52 =3D $13.520 Adjusted Gross Income
Subtract $3,400 for her personal exemption
Subtract $5,350 for her standard deduction
Taxable income =3D $4.770

Tax is 10% of the taxable income, or about $480.
(Above $7,825 the rate changes to 15% of the amount greater
than $7,825 + $782.50)

See the following URL for reference information:

http://fairmark.com/refrence/index.htm

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"Terry" <kilowatt[at]charter.net> writes:

- quote -

40 x 52 x $6.50 = $13,520

Standard deduction (for 2007) is $5,350, personal
exemption is $3,400, for a total of $8,750, leaving
taxable income is $4,470. The income tax on that
will be $447.

She'll also pay $13,250 x 7.65% = $1,014 in SS
and Medicare taxes.

She makes too much to be eligible for the earned
income tax credit.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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I get $1034 for social security and $747 for income tax.

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My niece just took her first job making minimum wage. (I
think she makes 6.50) Single. Using only herself as
dependant.

What would be her hourly wage work out to after taxes?
(assuming 40hr x 52weeks)

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