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Old 07-07-2010, 07:23 AM
 
Location: Texas
308 posts, read 326,241 times
Reputation: 192
Default minimum wage salary after taxes

I'm retiring from the military and will be a full time student living off my pension and the GI Bill. Thinking about getting some easy minimum wage part time job for some extra cash. Maybe 20 hours a week at the most. How much can I expect to bring in each month after taxes? The last time I worked a minimum wage job it was about $3.35 an hour
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Old 07-07-2010, 08:48 AM
 
497 posts, read 1,213,452 times
Reputation: 483
I think current min. wage is $7.25/hr. I'm no accountant, but I usually lop off 20% for taxes, Social Security and FICA, so at $7.25/hr. x 20 hours/wk. = $145 x 80% is about $116.00/wk. That's beer money for some people.
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Old 07-07-2010, 07:21 PM
 
4,152 posts, read 5,700,767 times
Reputation: 2910
That's why you claim married and 8. 8 is the cutoff before the employer has to notify the IRS. And since you'll make below 10k you won't pay any Federal Tax at the end of the year. So by claiming married and 8 you will have barely any federal withheld from your checks. Even people that make 50+k/yr should do the same. Let the extra money sit in your bank account collecting interest besides letting uncle sam do it with your money. But people like getting a big income tax at the end of the year instead of looking at the big picture.
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Old 07-09-2010, 08:27 AM
 
Location: Austin, Texas
729 posts, read 1,217,700 times
Reputation: 413
Minimum wage = crackers with no salt. I'd throw Minimum Wage out of bed for eating crackers.
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