I make $33,950 a year and am married, filing jointly, claiming 0 exemptions. I fall in the 15% tax bracket. Unless I am assuming this wrong, 15% of 33,950 is $5,092. So does that mean I should be paying $5,092 in Federal Taxes a year?Because I get paid weekly, with my weekly gross being $652.89. According to the IRS Publication 15 tax brackets, that's the 650 - 660 category in which I get $59 taken from each paycheck. $59 a paycheck means $3,068 taken a year, at the rate of 9% of my pay. If I fall in the 15% tax bracket, how is it that I only pay 9% in taxes a year? Someone please help me understand this!! Thanks!
no filing jointly you have to look at the total of both your incomes which when added together no longer fall in the 15% category go to irs and find the W-4 Calculator at that site to help you
If your $33,950 is your only joint in come for the year, you're actually in the 10% bracket, not the 15% bracket. You need another $1,500 to roll into the 15% bracket, and only the dollars over the bracket point are taxed at the higher rate. The first $18,700 of your income isn't taxed at all, and the remaining $15,250 triggers a tax liability of $1,525. Divide that by $33,950 for a net tax rate of 4.5%. If you're having 9% withheld in federal income tax (assuming that your spouse does not work) you are having FAR too much tax withheld from your pay.
