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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29779
Experience:  Taxes, Immigration, Labor Relations
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What is the tax percentage on a gross income of $80,000?

Assuming you are paid bi-weekly and filed your W-4 as married with two allowances - -your pay check will look:
Gross Pay - $3,076.92
Federal Withholding - $545.00 
Social Security - $190.77 
Medicare - $44.62 
New Jersey - $67.38 
SUI/SDI - $28.46

Net Pay - $2,200.69 - this is 71.5% of gross pay.

Your husband's paycheck (assuming he is paid biweekly and filed your W4 as married with zero allowances)

Gross Pay - $1,961.54 
Federal Withholding - $332.00 
Social Security - $121.62 
Medicare - $28.44 
New Jersey - $35.65 
SUI/SDI - $18.14

Net Pay - $1,425.69 - that is 72.7% of gross pay.

 

 

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Resolved Question:

If I gross $80,000, what is the tax percentage? Would I deduct 26% of my income to calculate my "take home" earnings after taxes?

Submitted: 10 years ago.
Category: Tax
Expert:  jgordosea replied 10 years ago.

I will need more information to give a complete and accurate answer.

Is the $80,000 gross wage of an employee, gross receipts of an independent contractor or some other gross?

Does "take home" earnings mean wages minus Medicare, social security and federal income tax withholdings? Is there state income tax to also take off to get to "take home" earnings?

For an employee, what would be the W-4 status and allowances (such as single and 1 allowance or married and two allowances) so that a "take home" earnings after taxes could be computed?

Customer: replied 10 years ago.

Yes, I am looking at a job that the Employer would pay me a gross salary of $80,000. The deductions I normally take out on W-4 are Married, 2 deductions.
I believe I am the primary wage earner since my husband earns $51,000 annually W-4 deductions are 0.
We also just purchased a home a year ago. I am unsure if that changes the tax bracket and the percentage taken out of gross earnings.

The "take home" earnings is what I am trying to calculate. This means after social security, fed. Etc.

Thank you!

Expert:  Lev replied 10 years ago.

Assuming you are paid bi-weekly and filed your W-4 as married with two allowances - -your pay check will look:
Gross Pay - $3,076.92
Federal Withholding - $545.00
Social Security - $190.77
Medicare - $44.62
New Jersey - $67.38
SUI/SDI - $28.46

Net Pay - $2,200.69 - this is 71.5% of gross pay.

Your husband's paycheck (assuming he is paid biweekly and filed your W4 as married with zero allowances)

Gross Pay - $1,961.54
Federal Withholding - $332.00
Social Security - $121.62
Medicare - $28.44
New Jersey - $35.65
SUI/SDI - $18.14

Net Pay - $1,425.69 - that is 72.7% of gross pay.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29779
Experience: Taxes, Immigration, Labor Relations
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