Have Tax Questions? Ask a Tax Expert for Answers ASAP
Thank you for your question. In order to answer this I need to know your filing status. If you are married I need to know how many dependents you have not including yourself an a wife.
I also need to know if you are talking about how much tax you will pay as part of your tax return, or are you talking about withholding form your pay.
I am single. I have no dependents.
I would like to know how much will be withhold from my pay. I am trying to determine how much money I will be bringing home from $40k.
thank you for your question.
Based on the information given, you should be claiming single and 2 not more than 3. i will figure based on single and 2 exemptions. is that ok?
And do you want to know for each biweekly paycheck or the entire year.
That sounds fine. I am assuming by 2 or 3 you are referring to withholdings. I am not sure how to come up with those numbers, but I can do that research.
I would like to know for the entire year.
YOu figure your withholding with the form W-4. http://www.irs.gov/pub/irs-pdf/fw4.pdf
Your bi-weekly paycheck will look like this:
Bi-weekly Gross Pay