I'm on a wage of 12.25 and will be working around 13 hours a week. I've done the math but it doesn't seem right, some help please?
Gross income is basically what you clear BEFORE taxes, so before uncle sam takes his share out of your check.
I'm not sure why they add it in there, I would rather not see how much I could have made before the government took it from me.
But $12.25 an hour is pretty good for a 16 year old, I'd love to have that.
Like most have said, taxes take a good portion of your paycheck. Around an average of 20-22% is taken for taxes (can vary from state to state). It would take around 6 months to reach $3,000 at a 20% tax from your check every week.
$12.25/hr is good, but not a whole lot of hours there.
You've gotta add taxes into it.
Taxes is what takes the most out of your check.
So lets say you clear $160 GROSS every check.
With tax deductions you're looking at maybe 90-100 dollars income.
Basic math skills here, 100x30 = 3000
nah i wont be. My mum said she will discuss my taxes with the accountant, but i do know that i wont be getting taxed straight away. Saving money is going to be harder than i thought.
I'd like to know how you plan to bypass having taxes taken out of your paycheque ... it's the law - an accountant would know that.
Where I live, the government will only start taxing you when you earn a certain amount. The law is different in every country.
France just went to a 75% Tax Rate....We have added Taxes Jan 1, headed the 'European way'....TAX 'EM TAX 'EM TAX 'EM
Okay you would get 159.25 a week,
and if you do 159.25 x 19 (weeks) That equals 2025.75... So I'd say 4-5 months,
Are you being paid under the table? If not you will be taxed out of your paycheck every paydate.
i will only get taxed if i have over something like 10 grand in my bank account .
If I only made 3grand in 30 months I'd be on the street lol
Thanks guys, seems like such a short time though