How does the federal tax withholding calculator work?
What are the benefits of using a tax withholding estimator?
How do I adjust my W-4 to get a refund at tax time?
How much would I have to make and what jobs pay that?
I'm making an Excel spreadsheet to accurately calculate net pay.
One of my stumbling blocks is that my weekly withholding is on a 'sliding scale'. When I work a 40 hour week I have about 22.5% in withholding. If I work 17 - 20 hours of OT (57 - 60 hours) then withholding is around 24%. If I work 30 - 35 hours of OT (70 - 75 hours) then withholding is around 28.5%. I've tried searching for withholding percentages but all I can find is calculations for annual pay. I need something that gives me brackets for weekly pay. My hours vary wildly from week to week and I'm trying to budget expenses and savings. My state does not have an income tax so there is nothing to calculate there. I just need help with federal.
I don't know if this helps but my employer uses Intuit QuickBooks for payroll and on my W-4 I am under 200K with 0 dependents claimed (I think it's zero. It has been six years since I filled out a W-4.).
Thanks everybody!