Tim worker estimates his taxable income will be $7000. He is paid twice a month or 24 times a year. Because Tim has only one source of income, he uses the tax tables to estimate how much will be deducted from his pay for withholding

Question

Mathematics

Aleena Cisneros

6 August, 18:26

Tim worker estimates his taxable income will be $7000. He is paid twice a month or 24 times a year. Because Tim has only one source of income, he uses the tax tables to estimate how much will be deducted from his pay for withholding

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Cora Lindsey · Answer 1

Ol' Tim will not be subject to income tax at that level. But he will pay social security, the rate is 7.65%.

Time may be eligible for other credits such as the earned income, making work pay, credit credit, etc.

We need a lot more info, but Tim should be withheld at this level.