Taxes on internship
How much do you get after tax for an internship in NYC that pays around $6000? How does the tax bracket work?
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I asked this on another thread and the consensus was that you will receive most if not all of your taxes back on you're tax return. For example, the standard pro-rated 85k will come to around ~11k post-tax that you will receive by the end of the summer. The remaining 6k should be received from your tax return later on.
Thanks for the comment, but I'm still a bit confused. Considering a typical 10 week internship, your pretax will be 85k*10/52 which is around $16346. Where does the 11k post-tax come from and I don't understand how you can actually get the remaining back. Don't you still have to pay taxes on the income?
Dude. Come on. 11k post tax is the 16.3k after the tax is taken out. You get the money back in a tax return.
So the tax rate is 33%?
The 85k pro-rated comes out to about 17.5k so the total tax is a bit higher than that and yes you should get most of it back in the tax return.
That is a rough estimate, I'm assuming its in the mid 25 - 33% range. Christ who're they hiring nowadays bruh
I have never worked before, so I really don't know about all of this.
lmao have you ever worked before? There is something called withholding- this will be taken out of every paycheck as your "taxes", then at the end of the year when you file your tax return, you will most likely have a standard deduction, which will reduce your tax liability, which will result in you having "overpaid" your taxes, this will enable you to receive a great deal, if not all of the taxes back (if you have no other income for the year) through a refund from the fed and your state
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