What is the tax rate for summer analyst salaries?
assuming ~13000, no overtime. thanks!!
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Your income tax rate is based on your total income earned during the year. If it's only $13k, that's 11.78% (effective) at the federal level.
true, but they withhold from your paycheck the amount they would if you were a FT analyst. so, you'll be getting it all back next year, but expect a healthy amount to not be there immediately. i recall getting about 1800 out of a 2500 check, so that's 28% that they take out immediately.
$13k-$5,700(standard deduction)-~$3,600(personal exemption)=$3,700 taxable income, assuming no other deductions and credits. i.e. next to nothing. Talk to a tax accountant before you believe me though.
Yeah - they deduct tax as if you were full time (i.e.- as if you were being paid $60-70k). I had something like 25% of my pay deducted. You get most of it back though provided you don't make too much money the rest of the year.
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