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Working at minimum wage, how long would it take someone to make $15,000?


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Minimum wage is different depending on the state you live in, in NJ it is $7.15 an hour. Google "minimum wage, your state." 35% of my salary would go towards various taxes, I would need to earn around $23,000 to bring home $15,000 (15,000/.65 = $23 thousand and change). $23,000/$7.15 = 3217 hours a year or 62 hours a week :eek:

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That would depend on your local tax rates and your federal bracket. It would also depend on any extra costs (child care, transportation, clothing, etc.)

 

Except the clothing & transportation (less than 1 mile) I suppose. It's going to be weekend or evening hours so my husband can do kid care. :D

 

Minimum wage in my state is $7.50 that that's little better. I'm not sure how to calculate taxes though.

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Minimum wage in my state is $7.50 that that's little better. I'm not sure how to calculate taxes though.

 

For social security, check what % is pulled out of your dh's check (assuming he's not self-employed). That's the same % that will be pulled from your check. For federal income taxes, check what your current marginal rate is. (15% or ?) and estimate if your new income will lift you into a new tax rate or leave you in the old. Multiply your gross ($7.50 x estimated hours annually worked ) by the marginal tax rate. If part of your new annual income will lift you into a new rate, you'll have to proportion your income between the new rates. * Finally, are your state taxes flat or progressive? If they're progressive, you'll have to do the same as with the federal. If they're flat, you'll just multiply your income by the flat rate. I'm assuming that you currently are taking all your personal exemptions under your dh's income and therefore won't be able to subtract any additional exemptions or deductions.

 

* example $10,000 is taxed at 15% and 5,000 is taxed at 27% (I don't remember if that's the correct rate)

 

(10,000 x .15) + (5,000 x .27) = federal taxes

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