If u were recieving a payment of $15,000.00. How much would be taken out for california state tax? How much would be taken out for federal tax?
Not financial advice: It depends what the payment is for. If it is a bonus from an employer, then the employer has the option on how to withhold taxes. If the flat tax is chosen, then 25% will be withheld for federal taxes and 10.23% will be withheld for state taxes. This would leave you with $9,715.50. Your actual tax burden could be higher or lower than this at the time you file your tax return, depending on the totality of your tax situation. If it is a prize winning, 25% and 7% will be withheld.
Updated on Sunday, February 05 2012 at 02:55PM EST