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<... |
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hodges.mimi | Is there a certain percentage taken out of your paychecks for taxes? |
I'm familiar with the phrase "The more you make, the more they take". But is there a pre-set percentage for taking taxes out of your check or does it vary? |
 |
 
art_child2000
 |
www.paycheckcity.com allows you to calculate exactly how much will be withheld from your pay check. |
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Judy1
|
There's a preset percentage in a sense (7.65%) - everyone pays that for social security and medicare, and up to a certain amount in the $90,000's somewhere, everyone pays the same - over that, you just pay medicare since social security contributions and payments are capped.
For federal, the amount taken out depends on your income, and your family situation. You fill out a W-4 form which determines how much is taken out. Then at the end of the year when you file your return, if you paid in too much you get it refunded, and if you didn't pay in enough, you have to pay the rest. |
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synchronicity
 |
As already mentioned, FICA taxes (social security and Medicare) are withheld from paychecks at flat rates. the OASDI ("social security) part is withheld at 6.2% of the first 97,500 of income, 0% thereafter. The Medicare bit is withheld at a flat 1.4% on all income.
State income taxes vary by state, and you would have to go to the individual state websites to get information on that. Here's a link to a site which has links to the revenue departments of all 50 states: http://www.taxadmin.org/fta/link/forms.html
Federal income is withheld at increasing percentages as your income increases. The exact amount will vary depending on the amount of withholding exemptions you claim when you file a W-4 form and on your filing status (single or married). Also note that if you make 401(k) contributions or have deductions for medical insurance or a few other items, these will be subtracted from your income before the federal withholding amount is calculated. For the specifics on calculating federal withholding, see Notice 1036 here: http://www.irs.gov/pub/irs-pdf/n1036.pdf |
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doclakewrite
|
there are different tax brackets, as you increase income the taxes are larger in percentage.
In canada is it upto $29,000, then again at $60,000 and then I think the next one is over $100,00... it works the same on the income tax forms we fill out once a year....
I would imagine it is graduated in most countries.... |
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hirebookkeeper
 |
Yes for FICA it is 7.65% until you make 97500.00 in which your still have to pay the medicare portion which 1.x% Federal taxes vary based on wages, dependents. See IRS Publication 15, page over to the tax tables, if you want to see exactly how much would come out of your check. State taxes you could find out from your state's website. |
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bostonianinmo
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FICA is fixed at 7.65%. Income tax is based upon your income, filing status and the number of withholding allowances so it's not a fixed percentage. |
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Rachael D
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it's preset.
up to £4,895 Tax free
between £4,896 - £6,985 10%
between £6,986 - £37,295 22%
over £37,296 + 40%
Sucks huh. |
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PepsiLime
 |
Federal withholding varies, because of tax brackets increasing with the more you make, state withholding varies from state to state, and some states don't have a state income tax, social security tax is 6.2% of your pay, but is only taxed up to $94,200 for 2006 and $97,500 for 2007, medicare tax is 1.45% of your pay, and there is no limit. Federal and state withholdings vary depending on your income, filing status, and number of exemptions claimed on your W-4. |
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mrearly2
 |
It varies. But just remember, it's mostly (legal) theft. |
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