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Old 06-03-2009, 11:55 AM
TaxesHurt
 
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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



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