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Conrad, CPA
Conrad, CPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16
Experience:  Certified Public Accountant with years of Tax & Business Consulting experience
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How much taxes should i take out of my paycheck

Customer Question

I get paid bi weekly and i make 790 a paycheck and have to take my own taxes out and i was wondering how much i should be taking out. i live in Iowa and tried to find it on the internet and was led to you. please help me.
Submitted: 8 years ago.
Category: Finance
Expert:  Conrad, CPA replied 8 years ago.

Are you married? Any dependants (children)?

Thanks for the clarification.
Customer: replied 8 years ago.
No i am not married and i claim zero on my taxes at the end of the year.
Expert:  Lev replied 8 years ago.

Are you paid as employee or as a self-employed contractor?

Do you receive a pay stub that show all withholdings?

Expert:  Conrad, CPA replied 8 years ago.
I'm assuming the following...

1) no contributions to a retirement plan
2) you are not self employed
3) you haven't had any withholding so far this year

Based on your pay you will owe the IRS $1,103.

That means you need to withhold approx. $45.96 per pay period throughout the whole year.

If you haven't been withholding, you will need to divide $1,103 by the number of pay periods you have left until 12/31/08. That is the amount you should start withholding.

Hope this helps....Thanks!
Customer: replied 8 years ago.

now do i take $45.96 out for Federal also? If not how much should i take out for federal? Or is the 45.96 federal and state combined?

Customer: replied 8 years ago.
I am paid as a employee and no i dont get a pay stub i just a personal check from them
Expert:  Conrad, CPA replied 8 years ago.
The amount I referenced (1,103) is for Federal tax purposes (IRS). Although I don't practice in Iowa, I looked up the the State tax rate schedule. Based on your income it looks like you'll owe an additional $639 in state taxes.

Federal - $1,103 ($45.96/ pay period)
State   - $ 639 ($26.63/ pay period)

Total   - $1,742 ($72.59/ pay period)

Take Care!
Expert:  Conrad, CPA replied 8 years ago.
If this answers it, please hit "Accept". Thanks!