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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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what percentage is taken out of your paycheck for taxes ...

Customer Question

what percentage is taken out of your paycheck for taxes
Submitted: 10 years ago.
Category: Tax
Expert:  Ed Johnson replied 10 years ago.

Dear XXXXXstew,

The marginal tax rates depend on your filing status.

The following web site has a very nice chart that is easy to read and understand. On the low end of the income contiuum, you would be paying as littel as 10%. On the high end you could be paying as much as 35% Income tax.

You can add to the percentage of income tax you pay the amount of Sociall security and medicare taxes which is:

Social Security is 6.20% on all income up to 94,200 dollars and a maximum tax of $5,840.40.

MEdicare taxes are a flat rate of 1.45% with no limit and no ceiling.

Now those are the direct taxes. You can go deeper by including the amount of taxes you pay for sales tax and money spent at the gas pump, and realestate taxes, which though they do not come directly out of your pay check, none the less you have to pay them after receiving your pay check.

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