Data from where I am in WA: min wage is $15.74, no state income tax, sales tax is 8.9%
So, $15.74*40 = $629.60/wk, X 52 weeks = $32739.20/YR Gross
Assuming standard deduction ($13,850 for 2023) for Federal, that leaves $18,889.2 taxable income. Federal income taxes will be as follows:
$0 thru $11,000 * 10% = $1,100
$11,001 - $44,724 * 12% In this case, $18,889.2 taxable minus $11,000 equals $7,889.20 times 12% equals $946.70
Total taxes = $2,046.7 for the year, which is $36.36 a week, or in a percentage of the gross, roughly 6.25%. Medicare and Social Security also are deducted, which is an additional 5%/wk ($31.48) for social security and 2.9%/wk ($18.26) for medicare, so all told income taxes are about 14% ($36.36 + $31.48 + $18.26 = $86.10/week).
Why yes, I have an accounting minor, can you tell? :D
I've said for a long time that the quickest way to get people to care about income taxes is to do away with withholding, which is a WWII thing, first introduced at that time. Make every wage slave out there write a check to the Treasury on 15 April, and on April 16, Washington D.C. burns.
I certainly appreciate a more thorough rundown, although I fear your diligence might be wasted on this one.
OP apparently loves to slap random numbers in MS paint and post the images to prove that 2+2=0.7 somewhere in europe.
They take zero constructive feedback on errors and just say "those are the rates my tax calculator gave me". People pointed out his comically skewed "errors" last time and yet here we are again.
Data from where I am in WA: min wage is $15.74, no state income tax, sales tax is 8.9%
So, $15.74*40 = $629.60/wk, X 52 weeks = $32739.20/YR Gross
Assuming standard deduction ($13,850 for 2023) for Federal, that leaves $18,889.2 taxable income. Federal income taxes will be as follows:
$0 thru $11,000 * 10% = $1,100
$11,001 - $44,724 * 12% In this case, $18,889.2 taxable minus $11,000 equals $7,889.20 times 12% equals $946.70
Total taxes = $2,046.7 for the year, which is $36.36 a week, or in a percentage of the gross, roughly 6.25%. Medicare and Social Security also are deducted, which is an additional 5%/wk ($31.48) for social security and 2.9%/wk ($18.26) for medicare, so all told income taxes are about 14% ($36.36 + $31.48 + $18.26 = $86.10/week).
Why yes, I have an accounting minor, can you tell? :D
I've said for a long time that the quickest way to get people to care about income taxes is to do away with withholding, which is a WWII thing, first introduced at that time. Make every wage slave out there write a check to the Treasury on 15 April, and on April 16, Washington D.C. burns.
I certainly appreciate a more thorough rundown, although I fear your diligence might be wasted on this one.
OP apparently loves to slap random numbers in MS paint and post the images to prove that 2+2=0.7 somewhere in europe.
They take zero constructive feedback on errors and just say "those are the rates my tax calculator gave me". People pointed out his comically skewed "errors" last time and yet here we are again.