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BK-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 933
Experience:  Owner of a CPA firm
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what percentage do i take out for taxes when claiming 0

Customer Question

what percentage do i take out for taxes when claiming 0?
Submitted: 5 years ago.
Category: Tax
Expert:  BK-CPA replied 5 years ago.

Hello and thank you for your question.


The answer to your question can be found in Circular E (Employers' tax guide). Here it is:


Scroll down a little in the above link, and you will see the withholding tables (they are based on number of exemptions claimed, marital status, pay period, and wage amount).


You may also want to note Form W-4, and Form 1040 ES here. The first is what your employer gives you to calculate your exemptions upon hiring you. It gives information to about what to claim 'exemption-wise, 'etc. The second is the estimated tax booklet for individuals. While wage amounts will have taxes withheld (so you don't need to make estimated tax payments), the estimated tax booklet can help you plan on meeting the minimum withholding requirements for the year and calculate any estimated tax due.


Here is the W4:


Here is the 1040 es booklet:


I am also happy to help clarify things further for you.


Thank you for your question!

Customer: replied 5 years ago.


I terminated an employee and want to know if his gross income is 514.50 and he claimed 0 what is his net? My payroll lady is unavailable

Expert:  BK-CPA replied 5 years ago.

Hello again!


The employee's net pay is going to depend on your specific facts and circumstances. The calculation will involve withholding for any federal, state, and local income taxes. It will also involve calculating the employee's share of FICA (social security and medicare withholding). Your employee may have additional amounts withheld for things like retirement, health, garnishments, charity, etc. In order to withhold all of these things properly, one would need to know the employee's payroll information to date, marital status, exemptions, pay period, etc.


I am therefore unable to answer your question, I presume. If there is something I can clarify in terms of your tax situation and your business, I would be happy to.


Thank you again!

Edited by BK-CPA on 12/4/2010 at 8:39 PM EST

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