Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

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: 6 years ago.Category: Tax
Ask Your Own Tax Question
Answered in 20 minutes by:
12/4/2010
Tax Professional: BK-CPA, Certified Public Accountant (CPA) replied 6 years ago
BK-CPA
BK-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 933
Experience: Owner of a CPA firm
Verified

Hello and thank you for your question.

 

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

 

http://www.irs.gov/publications/p15/ar02.html#en_US_publink1000237189

 

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:

 

http://www.irs.gov/pub/irs-pdf/fw4.pdf

 

Here is the 1040 es booklet:

 

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

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

 

Thank you for your question!

Ask Your Own Tax Question
Customer reply replied 6 years ago

Hi

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

Tax Professional: BK-CPA, Certified Public Accountant (CPA) replied 6 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
Ask Your Own Tax Question
Ask BK-CPA Your Own Question
BK-CPA
BK-CPA
BK-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 933
933 Satisfied Customers
Experience: Owner of a CPA firm

BK-CPA is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Accidentally sent IRS an unsigned copy of our 2016 form 1040
accidentally sent IRS an unsigned copy of our 2016 form 1040 and later received a form 3531 requesting a valid original signature. Should that returned signature be dated to the original submittal dat… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
What is the average % of withholding paid by employeer for
What is the average % of withholding paid by employeer for employee who is earning 100K / year… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I file form NYC-3L and add to my tax the first estimated
I file form NYC-3L and add to my tax the first estimated payment for the following year, I'm trying to find this amount of my tax return where it was included in current year taxes due, the 1st estima… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
32 satisfied customers
The directions on form 8962, line 20a and 20b state "4.Enter
The directions on form 8962, line 20a and 20b state "4.Enter the excess, if any, of Form 1040, lines 20a over 20b. I am confused with the 20a over 20b. What does this mean? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Recnetl;y i recieved and withholding tax bill from the state
recnetl;y i recieved and withholding tax bill from the state of ri divison of taxation fromm 1999, is there a stue of limitations on this … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I'm forming an organization w friends and one of our
Hi - I'm forming an organization w friends and one of our purposes is to raise money for different charities throughout the year... we're trying to figure out if we need to register as a NPO, and then… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I filed my Form 1040, prepared on TurboTax and filed
I filed my Form 1040, prepared on TurboTax and filed electronically via TurboTax. I got nothing back and was told by the IRS that the refund was sent to a different bank transit number than the one sh… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
To what address should W-RV, Voluntary Withholding Request,
To what address should W-RV, Voluntary Withholding Request, be mailed? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
I need to print out estimated tax form, I need to make a
I need to print out estimated tax form JA: The Expert will know how to help. Please tell me more, so we can help you best. Customer: I need to make a estimated tax payment. JA: Is there anything else … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2 FROM HER EMPLOYER WITH A TYPO IN THE SOCIAL SECURITY NUMBER. TO DATE THE EMPLOYER HAS NOT PROVIDED A "CORRECTED" FORM W-2. IS THERE AN IRS "… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,220 satisfied customers
A taxpayer, Form 1040 Schedule C, is on the cash basis. The
A taxpayer, Form 1040 Schedule C, is on the cash basis. The average revenue for the last 5 years is $5,100,000. There is no inventory. The NAICS is 423600Can he remain on the cash basis?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a question regarding estimating a tax withholding on
I have a question regarding estimating a tax withholding on retirement distribution … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,220 satisfied customers
Ms, I need to obtain tax forms (1040) for 2016. I have not
I need to obtain tax forms (1040) for 2016. I have not yet filed and wish to do so. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I'm hoping to adjust my W-4 withholdings up so that I reduce
Hi, I'm hoping to adjust my W-4 withholdings up so that I reduce withholdings throughout the year. Goal to have zero liability and significantly less refund at the end of the year. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
T5ax form 1040, need 2015 tax form email to print, require
t5ax form 1040 JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: need 2015 tax form email to print JA: Is there anything else important you think the Ac… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Form 1040 line #44 what taxes--federal income tax + social
form 1040 line #44 what taxes--federal income tax + social security +medicare tax, all or just federal? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
After i submitted our last estimated tax payment, I would
After i submitted our last estimated tax payment, I would have received a refund of $4.00. My wife then received $7384 from a trust as an inheritance which was submitted by the executor on a Schedule … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I made an estimated tax payment on January 3, 2017, my check
I made an estimated tax payment on January 3, 2017, my check no. 2057, $800,and the check has not cleared. My bank FFIB, First Florida Integrity Bank, told me to call IRS. They are too busy to take my… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x