The percentage of taxes taken out of your paycheck depends on several factors, including your income, number of dependents, filing status, and the state and local taxes you owe. The amount of taxes withheld from your paycheck is determined by your employer based on the information you provide in your Form W-4. The taxes that are typically withheld from your paycheck include:
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Federal Income Tax: The federal government collects your income tax payments gradually throughout the year by taking directly from each of your paychecks. The amount withheld depends on your income and filing status.
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FICA Taxes: FICA contributions are shared between the employee and the employer. 6.2% of each of your paychecks is withheld for Social Security taxes and your employer contributes a further 6.2%. Additionally, 1.45% of all of your wages is withheld for Medicare taxes.
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State and Local Taxes: If you are required to pay state or local income taxes, you may face additional withholding for the appropriate taxing authorities in your state or community.
The percentage of taxes taken out of your paycheck can be calculated using a paycheck calculator, which takes into account your gross pay, federal income tax, FICA taxes, state and local taxes, and any voluntary deductions you may have.