7 answers
Olivia
Student
Silver Spring, Maryland
13
Questions
7 answers
Doc Frick
Career Coach and Mentor
1616
Answers
California, CA
Updated
Doc’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
Was this Helpful Olivia?
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
Was this Helpful Olivia?
Thank You Clark. “Life’s most persistent and urgent question is, What are you doing for others?” — Martin Luther King, Jr.
Doc Frick
Ronald Adam
Transformation Leader
4
Answers
Dallas, Texas
Updated
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
https://www.bankrate.com/finance/taxes/tax-brackets.aspx
Jennifer Hunter
Vendor Mangement
4
Answers
Corinth, TX
Updated
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!
Helen Poulin
Business Intelligence Manager
4
Answers
Latham, New York
Updated
Helen’s Answer
One thing in the end is a given death and taxes. It depends on your area and if salaried or commission or combo. Expect 27%-30% or more. If commission based it is considerably higher. Remember to take in account when salary negotiating. Yes-you can ask for a counter offer to your first offer (based on experience or skill or even geographic location)
Douglas Ray, CMR, AMR
Sales, consulting, and marketing
52
Answers
Marietta, Georgia
Updated
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!
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!
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6342
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hello Olivia,
How much of my paycheck is income tax?
Income tax is a percentage of your income that you are required to pay to the government. The amount of income tax deducted from your paycheck depends on various factors, including your total income, filing status, deductions, and credits. In the United States, the federal government uses a progressive tax system, which means that the percentage of your income that goes towards taxes increases as your income rises.
When you receive your paycheck, you will notice that a portion of it has been withheld for income tax purposes. This withholding is an estimate of the taxes you owe for the year based on the information you provided on your W-4 form. The actual amount of income tax you owe will be calculated when you file your annual tax return.
To determine how much of your paycheck goes towards income tax, you can look at your pay stub. The pay stub will typically show the total amount of gross income you earned, the deductions taken out for taxes, and the net amount you receive after taxes. The specific percentage of your paycheck that goes towards income tax will vary based on your individual circumstances.
It’s important to note that in addition to federal income tax, you may also have state and local income taxes withheld from your paycheck if applicable. Each state has its own tax rates and rules regarding income tax withholding.
In conclusion, the exact amount of your paycheck that goes towards income tax will depend on a variety of factors, but it is typically a percentage of your total income that is withheld by your employer and paid to the government on your behalf.
Top 3 Authoritative Sources Used:
Internal Revenue Service (IRS) - The IRS is the U.S. government agency responsible for collecting taxes and enforcing tax laws. Their official website provides detailed information on federal income tax rates and regulations.
Tax Foundation - A non-profit organization that conducts research and analysis on tax policies at the federal, state, and local levels. Their reports and publications offer insights into various aspects of taxation.
U.S. Department of the Treasury - The Treasury Department oversees economic and financial matters for the U.S. government, including taxation. Their website contains resources and data related to federal taxation policies and procedures.
GOD BLESS!
James.
How much of my paycheck is income tax?
Income tax is a percentage of your income that you are required to pay to the government. The amount of income tax deducted from your paycheck depends on various factors, including your total income, filing status, deductions, and credits. In the United States, the federal government uses a progressive tax system, which means that the percentage of your income that goes towards taxes increases as your income rises.
When you receive your paycheck, you will notice that a portion of it has been withheld for income tax purposes. This withholding is an estimate of the taxes you owe for the year based on the information you provided on your W-4 form. The actual amount of income tax you owe will be calculated when you file your annual tax return.
To determine how much of your paycheck goes towards income tax, you can look at your pay stub. The pay stub will typically show the total amount of gross income you earned, the deductions taken out for taxes, and the net amount you receive after taxes. The specific percentage of your paycheck that goes towards income tax will vary based on your individual circumstances.
It’s important to note that in addition to federal income tax, you may also have state and local income taxes withheld from your paycheck if applicable. Each state has its own tax rates and rules regarding income tax withholding.
In conclusion, the exact amount of your paycheck that goes towards income tax will depend on a variety of factors, but it is typically a percentage of your total income that is withheld by your employer and paid to the government on your behalf.
Top 3 Authoritative Sources Used:
Internal Revenue Service (IRS) - The IRS is the U.S. government agency responsible for collecting taxes and enforcing tax laws. Their official website provides detailed information on federal income tax rates and regulations.
Tax Foundation - A non-profit organization that conducts research and analysis on tax policies at the federal, state, and local levels. Their reports and publications offer insights into various aspects of taxation.
U.S. Department of the Treasury - The Treasury Department oversees economic and financial matters for the U.S. government, including taxation. Their website contains resources and data related to federal taxation policies and procedures.
GOD BLESS!
James.
Milton llamas
Senior Manager
5
Answers
Menifee, California
Updated
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
https://smartasset.com/taxes/maryland-tax-calculator