2006-07-26 11:54:23 · 9 answers · asked by slysmith_9 1 in Business & Finance ➔ Taxes ➔ United States
SHORT ANSWER: If you want a ballpark figure, your total deductions if you are single will be 20-25%... if you're married and/or with kids it may be as low as 15% and if you're making near-minimum wage it could be as low as 10%.
LONG ANSWER: Mandatory deductions include 3 things:
1) FICA/Medicare, 2) Federal Income Tax, and 3) State income tax.
FICA and Medicare combined is a flat 7.65% of the gross wage.
Federal income tax depends on how much gross income the employee is making, and the payroll classifications and number of payroll deductions the employee filed for in their W4 when they began employment. Generally, the higher the income, the higher the percentage. You get less taken out if you are married, have kids, or are the head of a family household.
State income taxes may or may not apply, and are likewise individualized based on income and family situation. If you are low income, you may have next to nothing taken out for state income tax.
There may also be deductions for an employee's share of any health insurance benefits, contributions to retirement plans or deferred compensation, or deductions required per court order for child support or structured civil settlements.
Hope that answers your question!
2006-07-26 12:05:28 · answer #1 · answered by Firstd1mension 5 · 0⤊ 0⤋
The employer? None? Except for insurance and 401k...and insurance depends on your employer. Mine takes out 10% of the monthly cost for insurance (about $14 a check).
2006-07-26 11:58:22 · answer #2 · answered by Anthony S 4 · 0⤊ 0⤋
As much as the law dictates. This can be 30% in taxes, charges for insurance, etc. The less you make the lower the amount for taxes. Also if you are single and making big bucks it can exceed 30%. Some of it you control, like Medical Insurance and Retirement funds. Some of it is dictated by the Government, SSI, Taxes, etc.
2006-07-26 12:00:06 · answer #3 · answered by yes_its_me 7 · 0⤊ 0⤋
All deductions are itemized. on the least, you have Federal earnings tax, state earnings tax, Social protection and Medicare. SS/Medicare is 7%, assume a minimum of 10 to fifteen% for Federal tax and 3 to 5% for state and that would extremely be 20 to twenty-5% and clearly would not contain retirement or wellbeing care. BTW, no longer in basic terms is this felony, it extremely is needed.
2016-12-14 14:32:01 · answer #4 · answered by danzey 4 · 0⤊ 0⤋
Depends on the state (Washington and Texas do not withhold taxes) tax rate, the structure of your benefits if applicable, and your income level.
2006-07-26 11:59:07 · answer #5 · answered by ValleyViolet 6 · 0⤊ 0⤋
Approx. 10 % some take more depending on benefits etc..
2006-07-26 11:58:10 · answer #6 · answered by Mommadog 6 · 0⤊ 0⤋
It depends on that states taxes and how many dependents they have.
2006-07-26 11:57:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋
what state and how many exemptions?
2006-07-26 11:57:44 · answer #8 · answered by Anonymous · 0⤊ 0⤋
to d@mn much!
2006-07-26 11:57:28 · answer #9 · answered by mrshunter_2002 5 · 0⤊ 0⤋