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How much taxes do I pay on $5000.00?

Customer Question
My pay check is going...

My pay check is going to be $5000. How much am I going to get after taxes are taken out?

Submitted: 10 years ago.Category: Tax
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Answered in 6 minutes by:
7/3/2007
Tax Professional: Wendy Reed, Enrolled Agent replied 10 years ago
Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3,346
Experience: 15+ years tax preparation and tax advice.
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The amount of taxes withheld depend on the pay period (weekly, monthly etc.) and what you put on your W4 - such as single or married, and the number of exemptions. If you can give me this information for your paycheck, I can give you the approximate withholding amounts.

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Customer reply replied 10 years ago

The check is actually a bonus but taxes will be taken out of it. I am trying to figure out how much I will actually get after the taxes are taken out.

Tax Professional: Wendy Reed, Enrolled Agent replied 10 years ago

Your employer has a couple of options regarding how to withhold for a bonus, or supplemental, check. He could use your W4 guidelines and treat it as a regular paycheck, or he could use bonus amount, which is 25% federal withholding. Most employers use this method for convenience.

Assuming a 5000 check, computed as an annual bonus (and you have not exceeded 97.5K in salary this year):

<table border="0" cellspacing="0" cellpadding="1">Your Pay Check Results

Annual Gross Pay

$5,000.00

Federal Withholding

$1,250.00

Social Security

$310.00

Medicare

$72.50

Kentucky

$59.00

Net Pay

$3,308.50

 

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Wendy Reed, Enrolled Agent
Category: Tax
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