Question
How much taxes would get taken out of a 440 dollar check as a minor in Michigan how much money would be left after that
Answers
GPT-4o mini
To determine how much money would be left after taxes are taken out of a $440 check for a minor in Michigan, we need to consider the typical deductions that may apply.
1. **Federal Income Tax**: As a minor, if you earn under a certain threshold, you may not be liable for federal income taxes, but this can depend on specific situations, like how much you earn overall for the year.
2. **State Income Tax**: Michigan has a flat state income tax rate of 4.25%.
3. **FICA Taxes**: This includes Social Security and Medicare taxes, which are typically withheld at a rate of 7.65% (6.2% for Social Security and 1.45% for Medicare).
Assuming you do have taxes withheld, the calculations would look like this:
1. **State Income Tax**:
\[
440 \text{ (check)} \times 0.0425 = 18.70 \text{ (state tax)}
\]
2. **FICA Taxes**:
\[
440 \text{ (check)} \times 0.0765 = 33.66 \text{ (FICA tax)}
\]
3. **Total Taxes**:
\[
18.70 + 33.66 = 52.36
\]
4. **Net Pay**:
\[
440 - 52.36 = 387.64
\]
So, if taxes are taken out of your $440 check, you would have approximately **$387.64** left after deductions. However, if you are not required to pay federal income tax, you might not see that deduction, likely resulting in a higher amount left over. Always check with a tax professional or financial advisor for personalized advice.
1. **Federal Income Tax**: As a minor, if you earn under a certain threshold, you may not be liable for federal income taxes, but this can depend on specific situations, like how much you earn overall for the year.
2. **State Income Tax**: Michigan has a flat state income tax rate of 4.25%.
3. **FICA Taxes**: This includes Social Security and Medicare taxes, which are typically withheld at a rate of 7.65% (6.2% for Social Security and 1.45% for Medicare).
Assuming you do have taxes withheld, the calculations would look like this:
1. **State Income Tax**:
\[
440 \text{ (check)} \times 0.0425 = 18.70 \text{ (state tax)}
\]
2. **FICA Taxes**:
\[
440 \text{ (check)} \times 0.0765 = 33.66 \text{ (FICA tax)}
\]
3. **Total Taxes**:
\[
18.70 + 33.66 = 52.36
\]
4. **Net Pay**:
\[
440 - 52.36 = 387.64
\]
So, if taxes are taken out of your $440 check, you would have approximately **$387.64** left after deductions. However, if you are not required to pay federal income tax, you might not see that deduction, likely resulting in a higher amount left over. Always check with a tax professional or financial advisor for personalized advice.