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- Jul 15, 2002
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Hello-
Here's my dilema: I did paid-research over the summer and got paid from a $5000 grant.
Can someone please help me with the following questions-
1.) Why does my Current Gross Pay say $4,557. Do they take out some $500 fee from the grant?
2.) Why is my Federal Witholding Tax 28%!? Out of $4,557 they're taking $1,253.39 in federal tax? That seems ridicously high. On the W-4 I claimed Single w/ 1 allowance (single and only 1 job). I still live at home and my parents are able to claim me as a dependent. Should I have claimed Single w/2 allowances?
Is it the more you claim the less tax they take?? Or should I have claimed Single w/ 0 allowances?
3.) Lastly, out of the $1,253.39 federal tax, about how much will I get back at the end of the year?
Thanks!
Mike
Here's my dilema: I did paid-research over the summer and got paid from a $5000 grant.
Can someone please help me with the following questions-
1.) Why does my Current Gross Pay say $4,557. Do they take out some $500 fee from the grant?
2.) Why is my Federal Witholding Tax 28%!? Out of $4,557 they're taking $1,253.39 in federal tax? That seems ridicously high. On the W-4 I claimed Single w/ 1 allowance (single and only 1 job). I still live at home and my parents are able to claim me as a dependent. Should I have claimed Single w/2 allowances?
Is it the more you claim the less tax they take?? Or should I have claimed Single w/ 0 allowances?
3.) Lastly, out of the $1,253.39 federal tax, about how much will I get back at the end of the year?
Thanks!
Mike