Taxable Income Calculator
April 12th, 2009
Question: Job Change & Withholding Percentage Changes?
My husband was just hired on by a company from a Temp. agency. I have done H&R Block's "2009 Witholding Calculator" with his pay from the Temp. agency. I also have divided his weekly taxable income by the amounts taken out of his check for the different taxes to get the percentages so I can figure what his net pay will be with his new pay amounts. I am doing this right, b/c I'm coming up with 6 thousands percent (yes, you are reading this correctly.) for the Medicare, one thousand percent for the OASDI & 11 thousand percent for state tax. I am doing this wrong or missing something? HELPPPPPP I need this Info. ASAP to figure a budget.
Answer: Divide the amount of the deduction by the total taxable income.
example $20 deduction from a total income of $100 would be
20 divided by 100 or .20 leaving a take home pay of $80If you make $700 and use the 20% deduction then the dollar amount of the deduction would be $140 with a take home pay of $560
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