Every paycheck I get a lot of money taken out of my paycheck for taxes...understandable. I just want to know what factors go into this and maybe a detailed report of each factor and its contribution.
2007-05-27 08:06:29 · 2 answers · asked by bruce_eel 4 in Business & Finance ➔ Taxes ➔ Other - Taxes
Social Security: 6.2% of all wages up to $97,500.
Medicare: 1.45% of all wages.
Federal Income Tax: Sliding scale, based upon income. varies from 0% to 35%.
State Income Tax: Varies by state. Ranges from 0% up to about 10%.
Go here for some handy estimators: http://www.paycheckcity.com
2007-05-27 10:08:49 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Look at your paystub. Everything is itemized there.
Everyone should do this. I was shocked when I saw the Uncle Sam was taking over 35% of my paycheck.
2007-05-27 08:29:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋