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for example
gross income was $841.25
net came out to $671.52
medicare $12.19
social security $52.16
Federal tax $76.92
State tax $28.46

i figured out the percentage for medicare and social security but i want to know what the percentage taken out for federal and state is?

2007-12-08 04:31:47 · 2 answers · asked by <El Cubanito> 2 in Business & Finance Taxes United States

2 answers

It varies.

Federal income taxes are graduated. The tax rates rise as income rises. The amounts withheld also depend upon how many withholding allowances you claim on the Form W-4 filed with your employer.

For example, if you are a single taxpayer and not the dependent of another taxpayer, the first $8,450 in wages isn't taxed at all. The next $7,825 is taxed at 10%. The next $24,025 is taxed at 15% and the next $45,250 is taxed at 25%. The rates continue to rise as your income rises and cap out at 35% when your taxable income exceeds $349,700.

Most states also have graduated rates though a few are flat-rate. PA is a good example of a flat-rate state.

2007-12-08 05:18:46 · answer #1 · answered by Bostonian In MO 7 · 0 0

visit IRS website and use the Withholding Calculator.,

2016-05-22 04:22:14 · answer #2 · answered by ? 3 · 0 0

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