If I Make $700 a Week, How Much Taxes Are Taken Out?

Earning $700 a week is a solid starting point for budgeting, but understanding how much actually reaches your bank account is essential. Taxes and other deductions can take a significant portion of your paycheck, which may come as a surprise if you’re not familiar with the details.

Several factors determine how much tax is withheld, including federal, state, and local taxes, along with Social Security and Medicare contributions. Knowing what to expect helps you plan better financially and avoid surprises on payday.

Federal Income Tax Withholding

The amount withheld for federal income taxes depends on your filing status, number of dependents, and any additional withholdings requested. Employers use IRS tax tables and Form W-4 details to determine the correct deduction. The 2024 federal tax brackets start at 10%, with the next bracket at 12%, meaning different portions of your income are taxed at different rates.

For a single filer with no dependents, federal income tax withholding typically ranges from $30 to $50 per week. Married filers or those claiming dependents may see lower withholdings. Adjustments can be made through Form W-4 to increase or decrease tax withholdings based on financial needs.

Social Security and Medicare

Social Security and Medicare taxes are mandatory payroll deductions under the Federal Insurance Contributions Act (FICA). These taxes fund benefits for retirees, disabled individuals, and Medicare recipients. Unlike federal income tax, these are applied at fixed rates.

In 2024, the Social Security tax rate is 6.2% on earnings up to $168,600, meaning $43.40 is withheld from a $700 paycheck. Medicare tax is 1.45%, resulting in a $10.15 deduction. Combined, these total $53.55 per week.

For those earning over $200,000 as single filers or $250,000 for married couples filing jointly, an additional 0.9% Medicare surtax applies. However, this does not affect a $700 weekly income. Social Security and Medicare taxes cannot be adjusted through Form W-4, except in rare cases such as qualifying religious exemptions or certain nonresident alien statuses.

State and Local Deductions

State and local taxes vary based on where you live and work. Some states, including Texas, Florida, and Washington, do not impose a state income tax, meaning residents in those states only see deductions for federal and payroll taxes. Others, such as California and New York, have progressive tax systems where rates increase with income.

For a $700 weekly paycheck, state tax withholdings can range from a few dollars in states with low flat rates to significantly more in high-tax states. For example, California’s state income tax starts at 1% but rises quickly with income. New York’s state tax starts at 4% for lower-income earners.

Local income taxes also play a role in some areas. Cities like New York City and Philadelphia impose their own income taxes, which can be a flat percentage or structured similarly to state brackets. Some municipalities also have occupational privilege taxes, which are fixed-dollar amounts deducted periodically, regardless of income level.

Additional Withholding Considerations

Beyond taxes, other deductions impact take-home pay. Employer-sponsored benefits such as health insurance premiums, retirement contributions, and flexible spending accounts reduce taxable wages before federal and state taxes are applied. Contributing to a 401(k) lowers taxable income, which can reduce income tax withholding.

Court-ordered wage garnishments for unpaid debts, child support, or alimony can also reduce net earnings. Federal law limits garnishment amounts, generally capping deductions at 25% of disposable income. Union dues and professional association fees may also be deducted automatically if required by employment contracts.

Estimating Your Net Take-Home Pay

After federal, state, and local taxes, as well as Social Security, Medicare, and other deductions, your actual take-home pay will be lower than the $700 gross amount.

For a single filer with no dependents in a state with income tax, total deductions could range from $100 to $150 per week, leaving a net paycheck of approximately $550 to $600. In states without income tax, take-home pay may be closer to $600 to $630. Those with pre-tax deductions for health insurance or retirement contributions will see further reductions, though these lower taxable income and may provide long-term financial benefits.

Online paycheck calculators can provide more precise estimates based on your specific circumstances, helping you plan accordingly.