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what % of your paycheck goes to pay taxes?

35%??!!

Dude, change your withholding. I think in order to get the most out of your paycheck and not get kicked in the ass during April is to get your witholding amount perfected to the point where you don't owe any taxes at end of year and you don't receive much of a refund either.

Or maybe you aren't from the U.S. or something =)

I think an average is around 20%?

I hope you get free healthcare/retirement with those kind of taxes
 
Originally posted by: her209
Are we including state as well as sales tax?
Click to expand...

What kind of paycheck includes sales tax?


*edit* duh, I see your point. It's not how much is taken out of your paycheck, its just how much of you "money" goes to taxes.

=D
 
Originally posted by: mozirry
35%??!!

Dude, change your withholding. I think in order to get the most out of your paycheck and not get kicked in the ass during April is to get your witholding amount perfected to the point where you don't owe any taxes at end of year and you don't receive much of a refund either.

Or maybe you aren't from the U.S. or something =)

I think an average is around 20%?

I hope you get free healthcare/retirement with those kind of taxes
Click to expand...

does this look right? I just started a new job and looking over my statement

FICA-OASDI - around 6% of paycheck
FEDERAL W/H TAX - around 22%
FICA-HI - around 1.5%
STATE Tax - around 5%

I didn't even sign up for any benefits, not even 401k

 
Originally posted by: fritolays
Originally posted by: mozirry
35%??!!

Dude, change your withholding. I think in order to get the most out of your paycheck and not get kicked in the ass during April is to get your witholding amount perfected to the point where you don't owe any taxes at end of year and you don't receive much of a refund either.

Or maybe you aren't from the U.S. or something =)

I think an average is around 20%?

I hope you get free healthcare/retirement with those kind of taxes
Click to expand...

does this look right? I just started a new job and looking over my statement

FICA-OASDI - around 6% of paycheck
FEDERAL W/H TAX - around 22%
FICA-HI - around 1.5%
STATE Tax - around 5%

I didn't even sign up for any benefits, not even 401k
Click to expand...
sing up for the 401K at least to the matching percentage if any.

Less take home pay and also less taxes withheld.

 
Originally posted by: fritolays
Originally posted by: mozirry
35%??!!

Dude, change your withholding. I think in order to get the most out of your paycheck and not get kicked in the ass during April is to get your witholding amount perfected to the point where you don't owe any taxes at end of year and you don't receive much of a refund either.

Or maybe you aren't from the U.S. or something =)

I think an average is around 20%?

I hope you get free healthcare/retirement with those kind of taxes
Click to expand...

does this look right? I just started a new job and looking over my statement

FICA-OASDI - around 6% of paycheck
FEDERAL W/H TAX - around 22%
FICA-HI - around 1.5%
STATE Tax - around 5%

I didn't even sign up for any benefits, not even 401k
Click to expand...

Mine is:

As percent of taxable wages:
6.6% ss
1.5% medicare
9.9% fed income
4.4% state

I'm in the 25% tax bracket, but I've only been working for ~8 months so I guess that's why my federal income tax % is still so low.
 
Originally posted by: fritolays
this is my first job out of college... is this normal to be paying so much for taxes?
Click to expand...

Yes, illegal immigrants are now, in many cases collecting more in Social Security benefits than retired, lifelong, born in the U.S. citizens are. This money has to come from somewhere.


 
I pay about 30% including Medicare, Social Security, Michigan taxes, and federal taxes. I only make just under 40k but it's just me so they apparently think I'm rich. At any rate that's what is being withheld so who knows if I'll get any back.
 
i get 70% of my paycheck after taxes, health insurance, 401k, etc. and i make a little over 34k a year.

I put about 6% into 401k.
 
Originally posted by: boomerang
Originally posted by: fritolays
this is my first job out of college... is this normal to be paying so much for taxes?
Click to expand...

Yes, illegal immigrants are now, in many cases collecting more in Social Security benefits than retired, lifelong, born in the U.S. citizens are. This money has to come from somewhere.
Click to expand...

I know you're joking, but it's actually the exact opposite. Illegals often get fake SS numbers & then pay into SS, but will never collect on that $. So, Illegals actually benefit SS, in a perverse sort of way.
 
Federal(35)+state(9)+medicare+SS(6)= ~40% after you factor in regression and in sales and other random tax and the government takes more than half my paycheck, assholes.

 
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