General Question

skwerl88's avatar

How much tax can I expect to pay on my first paycheck?

Asked by skwerl88 (532points) August 1st, 2008

I just started my first job, and got my first paycheck for $448. My company employs me as a temporary worker, so I’m considered a contractor. I’m still under my parents’ insurance, but have no clue how much I need to be saving for tax, and how much can go into my savings.

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2 Answers

marinelife's avatar

Be sure and include money for the Self Employment tax (a little more than 14% of gross) that you will need to pay too. Federal varies. To be on the safe side, I save out 25%. Some people do 30%.

bpeoples's avatar

All depends on your tax bracket too—I saved 35% which turned out to be almost right. Also, be very careful with contractor work—especially if you’re in California, there’s VERY few cases that they can actually hire you as a contractor.

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