Minimum wage and taxes?

CONFUSED ABOUT NY TAXES/MINIMUM WAGE!?

• i just got my first job ever! i'm so excited! its a part time just for summer & im 16 in high school. we get paid minimum wage in NY, 7.25/hour. 25hours/week. we get paid every 2 weeks. yes it seems little, i'm wondering how much is the actual pay after taxes. im still in high school so im not sure how everything works(IRS and etc) and the internet is not so helpful. so if anyone can explain to me how everything works with the taxes and etc? please!~ thanks so much!

• Answer:

  They'll take out 7.65% for social security and medicare, so that's around 56 cents an hour, a little under $14 a week. You don't get that back. They might or might not take out anything for federal income tax. That will depend on what you put on a form called a W-4 that your employer will have you fill out. If your sure you won't make over $5700 for the entire year, you can put "exempt" on the form and they won't take out for federal income tax. If you put single/0 allowances, which is another option, they'll take out around $6.50 for federal income tax each week, but if you don't make over $5700 for the year, you'll get all of that back early next year when you file your tax return. They'll take out around $2.50 a week for NY state taxes, income tax and disability. Depending on where in NY you live, if there's a local income tax they'd take that out too. Congratulations on the job. And even with taxes taken out, you'll still have a nice paycheck.