How Can I Calculate Taxes From My Weekly Paycheck?
When you receive your weekly paycheck, you will likely notice that the amount you receive does not equal the full amount you are paid. This is because federal, state and local governments may require your employer to withhold money from the paycheck. Payroll taxes include Social Security taxes and Medicare taxes. Money for income taxes will be withheld with federal taxes, and if you live in a state or city with income tax, money for those taxes will be taken out as well. Multiply your weekly paycheck amount by the current Federal Insurance Contributions Act (FICA) tax rate, which includes both the Social Security tax and the Medicare tax. As of 2010, the FICA tax rate for employees is 7.65 percent, so if your weekly income is $1,300, you would multiply $1,300 by 0.0765 to calculate the amount withheld for payroll taxes would be $99.45. Multiply the number of allowances you claimed on your W-4 form by the weekly value of each allowance, which can be found in Internal Revenue Service Pub
