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How much of my paycheck is income tax?


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John’s Answer

4 DIFFERENT TYPES OF TAXES ARE TAKEN OUT OF YOUR PAYCHECK

Olivia employers are required to deduct certain taxes from an employee's payroll check each pay period. These are also referred to as involuntary deductions as the employee cannot choose to stop the deductions.

FEDERAL WITHHOLDINGS (FIT) – Federal Income Tax (FIT) is a tax levied by the United States Internal Revenue Service (IRS) on your earnings. Federal income taxes are applied to all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains. The amount of federal income tax withheld varies by individual, based on the data in Form W-4, which all employees are required to submit to their employer.

SOCIAL SECURITY & MEDICARE WITHHOLDING – The Federal Insurance Contributions Act (FICA) there are additional paycheck deductions for Social Security and Medicare taxes. These two deductions are sometimes referred to as payroll taxes or FICA (for Federal Insurance Contributions Act).

STATE WITHHOLDINGS – State Income Tax (SIT) taxes are similar to federal withholding except they are to cover the employee's liability for her state income taxes. Like the federal withholding taxes, these are based on the employee's W-4 form, but the tax tables used are supplied by the individual states.

LOCAL TAXES – If the employee lives or works in a city or county that assesses income taxes, the employer must deduct appropriate taxes from the employee's earnings.

Olivia, SmartAsset's paycheck calculator to calculate your take home pay per paycheck for both salary and hourly jobs after taking into account federal, state, and local taxes.

https://smartasset.com/taxes/paycheck-calculator

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Ronald’s Answer

Here's a pretty easy read on the different tax brackets along with access to a few calculators you can potentially use. Hope this is helpful!

https://www.bankrate.com/finance/taxes/tax-brackets.aspx


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Jennifer’s Answer

It will depend on several different factors such as how much your salary is, the state you live in, if you have any dependents and if you are filing as married or single. Tax rates range from 10% up to 37%. There are several online calculators that can help you to figure that out. Good luck!

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Douglas’s Answer

The IRS tax code is very complicated, but here is a brief answer with rounded numbers for illustration:
Federal and State taxes approx. 15%
Social Security and Medicare tax 7%
Total tax withholding 22%
*This is just an example that will vary depending on your income and state. Example: assume you earned $4,000 a month (gross pay before taxes).
You could calculate you projected take home pay (net Pay). $4,000x22%= $880 Taxes. $4,000-880=$3,120 Take Home Pay (net Pay)

Hope this helps!

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Douglas’s Answer

The IRS tax code is very complicated, but here is a brief answer with rounded numbers for illustration:
Federal and State taxes approx. 15%
Social Security and Medicare tax 7%
Total tax withholding 22%
*This is just an example that will vary depending on your income and state. Example: assume you earned $4,000 a month (gross pay before taxes).
You could calculate you projected take home pay (net Pay). $4,000x22%= $880 Taxes. $4,000-880=$3,120 Take Home Pay (net Pay)

Hope this helps!

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Milton’s Answer

It depends on which state you claim residence in. I can see you are from Maryland and the income tax rate there is 5.75%. More info on taxes and what your net income would be after all taxes can be found on this link.

https://smartasset.com/taxes/maryland-tax-calculator

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