Tax

elover_jm

Hi guys i just want to know wut total percentage of tax you guys pay working in the
USA.

thx for ur response

hackdugood

Everyone is different, it can vary from 15% to 40%... that's what I was told about it. Personally I'm getting (I think) a 23% tax cut... Lucky me, only 1 dependency lol. But I'm not 100% sure of the definite range, cause like I said... everyone is different...

jescab

percentage of tax for what......

elover_jm

deductions from your monthly income

Kaminsky

Whatever the rate, it's way too much.

I remember my first ever job straight from school and I didn't really understand tax then. Got my first pay checque and I thought the company had robbed me and I was considering going to the poilce about it.

DeJay

It varies by state.

famosbrown

Federal taxes depends on how much you make. YOu have 10%, 15%, 25%, 28%, 33%, and 35% tax brackets. The first say 7500 dollars of your inclome will be taxed at 10%, then your income after 7500 up to say 30000 would be taxed at 15%, and so on... I think after 170000 and up, all of that income is taxed at 35%. YOur tax bracket is determined by your filing status wheter it be single, married filing seprately, married filing jointly, etc. You will also get standard deductions, credits, etc. that will bring down the income that will be calculated. I can't remember the exact standard deduction, but say it is 5000 dollars...if you made 15000 dollars for the year, you would automatically take 5000 dollars off, and begin working with 10000 dollars as far as the tax brackets. It's giving you 5000 dollars of tax free money for the year. Now...if you are like me, I have stocks and other expenses called itemized deductions, so I wouldn't use the standard deductions since my itemized is greater than the standard...more details that you ashouldn't have to worry about now.

State taxes have different ways of calculating their taxes. Local taxes too.

Hope this helped just a little . I started to go in a detail tangent, but I stopped. I took an Income Tax course back in college and used to do my own taxes until things started getting more complicated with all of the things I do.

Famos

EDIT: Forgot to add...your job will deduct portions of your income to pay your income taxes. Depending on the job and the exemptions you elect to take on your W4, they will project how much you will make for the year and deduct that amount, so at the end of the year, you won't have to pay the IRS anything. In fact, you may get a large amount back, which is called a Tax Refund Check. That tax refund check is the money you overpayed in taxes for the entire year. The more exemptions you elect to take when starting a new job, the less you will get back during tax season, if any.

elover_jm

Wow.......

Thx a lot for the info............

i got a Job in New Jersey so i just wanted to know how much they'll be taxing out of an income of 50k/yr