First check taxed at 35% is this right I just graduated from graduate school. I took a position in NJ earning 95,500 dollars a year. I get paid weekly and will receive my first check this Friday. I am able to go to the company website and see how much the check is for and how much in taxes I paid. My weekly pay is 1,836.54. Out of that I was taxed the following.
Fed Withholdng 403.81
Fed MED/EE 26.63
Fed OASDI/EE 113.87
NJ Unempl EE 7.02
NJ NJ HCSF 0.00
NJ NJ WDPF 0.46
NJ NJ SWAF 0.32
NJ FLI/EE 1.65
NJ Withholdng 83.94
For a total of 637.70
I am losing 35% of my income to taxes. Is this correct? On my W4 form I put down the total number of Allowances you are claiming as 2. I am also listed as a resident of NJ. Is there anything I can do to lessen the impact of taxes on my weekly income.
Thanks |