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Your taxes will depend on how you file (married filing, jointly - Single) let me know that AND them I can figure it both ways, but I'
ll need to know whether they are going to have you be a contractor (which will mean that you pay ALL of the social security and medicare ot as an emplopyee, which will mean that they pay half and you pay half)
So, first and most import ... MARRIED or SINGLE?
Married and filing jointly, I expect. (The only reason we would file separately is if we discover at tax time that it would save us money.) Spouse earns around $70K and I have had zero income this calendar year.
The employer wants to pay half of my SS and Medicare costs.
OK, let me do a projection really quickly (By the way Married FIling Jointly is better... loer tax brackets and higher standard deductions
one last question ... any dependents?
Never mind... doesn't really matter With him being a 70K you are squarely in the 25% bracket
so to ballpark it add 25% (you're money will be adding to what i s already there
SO, around 18.75/hr
Sorry let me bak up (I had already pulled the single tables)
Here's married filing jointly
As you can see almost aoo will actually be at 15% (there's that married filing jointly advantage) SO it's actually only 17.25
My apologies ... but again 15 x 1.15 = 17.25
All right. I appreciate the data very much. Thanks again -- really!
Remember that the brackets above show Taxable income and you will reduce your stabdard deductions and exemptions from that to be squarely in the 15% bracket
You are very welcome
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One last piece Jeanette,
When 1/2 of Social Security and Medicare are added it becomes $18.39.
15% + 7.65% = 22.65%
15 x 1.2265 = 18.39
That does it