hi all,
hoping for your input. I am a 22 year old working my first big boy job. I’m paying roughly $500 a week in taxes as a single male in NY. I’m not sure if my withholdings are wrong as this seems steep, or am I just being ignorant as to how much taxes actually are unfortunately?
Here’s a breakdown of my weekly pay:
earnings 2053.97
taxes 497.67
deductions 226.90
Paycheck taxes question
byu/Ashamed_Ratio8121 inpersonalfinance
Posted by Ashamed_Ratio8121
9 Comments
Use any of the dozens of online paycheck calculators
Where in NY are you? If it’s nyc or Yonkers, you are paying three levels of income tax. Federal, state, and local income tax.
Are you lumping all the different “taxes” together?
Single male and single female have the same tax rates, just fyi
What are the deductions? Retirement contributions? Health insurance premium shares?
List the taxes and deductions individually.
That’s 24%. FICA will be 7.65%. Federal income will be effectively 14%-15%. So the rest is state and local income tax, I assume. Sounds about right.
[Hourly Paycheck Calculator – Calculate Hourly Pay | ADP](https://www.adp.com/resources/tools/calculators/hourly-paycheck-calculator.aspx)
Use that calculator. On first blush, your numbers look correct.
For state and federal, I’m guestimating you should be paying like $400 monthly. Does that amount include additional taxes?