How much federal tax withhold for Miami Florida?
December 11th, 2009 | by Michael |
sucharj asked:
I have a job proposal in Miami FL for 65k a year, I’m married but my wife won’t work. No kids so far.
Lets say I get pay twice a month.
How much should I expect on every pay check? And at the end will I have to pay extra to the IRS?
Thank you.
WALLACE
I have a job proposal in Miami FL for 65k a year, I’m married but my wife won’t work. No kids so far.
Lets say I get pay twice a month.
How much should I expect on every pay check? And at the end will I have to pay extra to the IRS?
Thank you.
WALLACE
4 Responses to “How much federal tax withhold for Miami Florida?”
By carl l on Dec 13, 2009 | Reply
It all depends on how much you have withheld. It all depends on how many exemptions you are claiming. It’s up to you. The more you claim, the less they take out per pay. If you want to get money back, claim 1 or 0.
By taxreff on Dec 14, 2009 | Reply
For federal purposes, you would be in the 15% tax bracket. FL has no state income tax, and your Fica taxes would be another 7.65%.
If you withhold at 15%, you should get a small refund at tax time. That is because a small part of your income would be taxed at only 10%.
By David C on Dec 15, 2009 | Reply
Just fill out your w4 for the correct amount of exemptions and you’ll be ok.
By Robert in Nuuanu on Dec 18, 2009 | Reply
Your location does not affect your Federal tax liability.
Your withholding does not affect you’re tax liability, only WHEN you pay the tax.
You choose how much withholding is taken from your paycheck. The IRS recommends for someone in your situation that you withhold as MARRIED 2 exemptions or $280 each paycheck for an annual salary of $65,000 paid twice a month at $2708 each paycheck.
But you can direct your employer to withhold any amount you want. The more you withhold the smaller your refund in April (or the more you must pay). The less you withhold the larger your refund in April (or the less you must pay).
In either case, you are liable for the same amount of tax.
The more important question is estimating your taxes for 2008, usually by looking at the tax liability you have had in previous years at comparable salary. Then match the withholding to the tax liability.
In addition there is Social Security and Medicare tax. the combined social security tax rate and Medicare tax rate is 7.65% for another $207 deducted from your paycheck.
SO - if you go with MARRIED 2 Federal withholding, the total deductions for your taxes are:
$280 + $207 = $487 per paycheck if you get paid twice a month.
Net paycheck $2708 - 487 = $2221 twice a month