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.
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