In budgeting income, how much should a person expect to pay in taxes?
Sunday, February 7, 2010 19:13
Posted in category Budgeting
I am doing a little mental excersize, and I want to know aproximately what percentage of his/her income a worker should expect to pay in taxes at the state, local and federal levels. If you could even give a break down, that would be better. For the sake of my excersize, this individual doesn’t own a house, but rents an appartment, and has a small car, which is insured.
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SexyTrojan says:
February 7th, 2010 at 7:13 pm
I just budget an even 30% for the taxes, even though it’s less.
If you really want to be accurate, look at a pay stub. Figure out the percentage for each deduction, and then for the overall deduction.
http://www.salary.com has some pretty good income tax calculators. I used them when I negotiated the salary and bonuses for my last new job.
Kosher1 says:
February 7th, 2010 at 7:13 pm
Depends on how many dependents you cliam. If this person is "single" with no dependents and that is what his W2s says, then estimate about 26-32% in total taxes coming off the check. If the person makes less then a certain amoung (varies per State) then you get all that money back at the end of the year.
cutelea says:
February 7th, 2010 at 7:13 pm
from each pay check figure about 15% for federal taxes, 6.2 for social security, 1.45 for medicare, i don’t know what state you live in but pa tax is 3.07 and local can be anywhere from 1-5 most places are usually 1. the federal withholding depends on how many exemptions you claim and your filing status. the house and car have no influence on taxes that are withheld from income.