how much will i make on minimum wage in wv after taxes?
ok im moving out and i was Curious as to how much ill make per month at 7.25 a hour after taxes and how much ill make a year after taxes. please help me.
- PenelopeLv 710 years agoFavorite Answer
Go to the Internal Revenue Service's website at http://www.irs.gov/ and download a copy of Pub. 15 (also called Circular E) and you will be able to easily estimate your net pay based on the number of hours you work each pay period. Don't forget to take into account any state income taxes that may need to be withheld.
- MuttLv 710 years ago
If you are making minimum wage, you probably will not make enough to have any income tax taken out. You still have social security and medicare tax, though. So a rough ballpark figure, I would estimate between $200 to $220 a week. This comes out to $10,400 to $11,440 a year (this is a conservative figure - it may actually be a little more).
Unless you plan on living in a very cheap apartment (probably not in a good part of town) or just rent a room from someone, this is not going to stretch very far to live off of yourself. You will find it very, very hard just to purchase the necessities. Luxury items like a television and phone may have to be put aside until you make more money.
- ?Lv 410 years ago
well it is simple math:
7.25 X 40 hours (if your full time) = $290 a week. there are 52 weeks a year so 290 X 52= 15,080
so 15,080 dollars a year BEFORE taxes, now how much taxes depend on a lot of things but id say average tax is probably like 20%. this could change depending on state tax, whether or not you have dependents, if your collecting help from the state, etc. etc.
so rough estimate = 15,080 X .20 = 3,016 so minus that and you get __ $12,064___ per year.