How much does the federal government take out of our paychecks for income tax?
143923
Collectively, for 2005, the federal government collected\nthe following:\n\nIndividual Income Taxes: 927.222 (billion)\nCorporate Income Taxes: 278.282 (billion)\nSocial Security: 794.125 (billion)\nExcise Taxes: 73.094 (billion)\nOther: 81.136 (billion)\n\nSee page 31 of reference #1\n\nIndividually, federal income taxes are based on\nthe following tables:\n\nFiling single\n-------------\n\nUp to $7300: 10%\nUp to $29700: $730 + 15% of anything over $7300\nUp to $71950: $4090 + 25% of anything over $29700\nUp to $150150: $14652 + 28% of anything over $71950\nUp to $326450: $36548 + 33% of anything over $150150\nAbove $326450: $94727 + 35% of anything over $326450\n\nFiling joint:\n-------------\n\nUp to $14600: 10%\nUp to $59400: $1460 + 15% of anything over $14600\nUp to $119950: $8180 + 25% of anything over $59400\nUp to $182800: $23317 + 28% of anything over $119950\nUp to $326450: $40915 + 33% of anything over $182800\nAbove $326450: $88320 + 35% of anything over $326450\n\n\nSo, for example, if you are single and make $40000,\nyou would fit into the "Up to $71950" category and\nyour calculation would be:\n\n$4090 + 25% of (40000-29700)\n$4090 + 0.25 * (10300)\n$4090 + $2575\n$6665\n\nFor more information, see reference #2.
1000471
Looking at your answers so far, mine might be a bit generous, but I got the accountant who sits by me to work it out - so here goes:\n\n£5,035 is not taxed (this has recently gone up)\n£2,150 is taxed at 10% (£215)\n£11,815 is then taxed at 22% (£2,599)\n\nThat means that £2,814 is deducted each year, leaving you with £ 16,186 which is £1,349 per calendar month take home pay.
471843
Hell! They barely pay any taxes now. It's right at 15%, while everybody else pays close to 30%. With the standard deductions that's what it all works out to be. Average people don't qualify for those deductions for a reason, and the reason is you pay most of the taxes.
32314
It's taxable income.  How much you pay in taxes depends on your tax bracket (the percentage of tax you pay on your last dollar earned).\n\nIf that's all you made that year, the standard deduction and personal exemption would offset it, and there would be no federal taxes.  If you have other earnings though, there's no way to tell how much you'd play in tax without knowing your actual numbers.
899114
The 6.2% social security tax is collected on the first $94,200 of income for a maximum of $5840.40.\n\nThe 1.45% Medicare tax has no maximum.
821982
You pay federal taxes to help pay for the things the Federal government  "needs" funding for (wars, federal employees' paycheck, fema, etc...) and you pay state taxes to help pay for the things your state government needs funding for (public assistance, paving of roads, school funding, etc...)
16473
There are a number of federal taxes that people pay.  Federal Income Tax is just one of them.  FICA taxes include both Social Security and Medicare.
205699
That depends on how much you expect to make and whether or not you have to pay state taxes also.  Not knowing this, I would say around 30% or more if your income is high.
1159927
paycheck by paycheck.
313836
You should deduct 6.2% for social security purposes and another 1.45% for Medicare taxes.  As for federal income tax, you would deduct approximately 25% for a grand total of 32.65% for Federal purposes.  Depending on your state, your state income tax rate could be anywhere between 0% to 9%.
269305
A percentage based on your income, deductions, and tax credits  - and that's just Federal taxes.  Your state may take out more for income taxes.  Also, your city government may collect taxes.\n\nDon't forget that you probably pay sales tax on goods you purchase.\n\nOh!  If you own a home, you probably pay property taxes.  And ad valorem taxes on your vehicles.
1063704
Net is after withholdings, gross is before eveything.  I imagine this is a 2 week salary.  \n\nIf you didnt pay taxes, social security or pension plans then you would see something like this...\n\n2,265.62\n\nBecause you have to pay into all of that, they take roughly 1400 per month out of your paycheck to cover those costs.  Taxes and SS are a pain I know.
1175469
what's the money being deducted for
834457
Assuming you file single, your net check will be $793.02 if you claim 1 on w4 and $777.15 if you claim 0.  If you claim 1 you get more money each week, but you will have less withholding when it comes time to file your taxes.  Make sure you will be covered at tax time so you don't have to pay in a big chunck.
1073113
$18,720 - assuming you don't take any unpaid leave.\n\nThis would be before taxes and any other deductions.
319582
It's not just about how much money you make, it's what you do with your money that counts.\n\nP.S.  The income tax range from 0 - 50% depending on how much money you are earning - the more you earn/year the higher percentage you pay in taxes\n\nDavid, what the heck are you talking about?  The government pays for Canadians living expenses???  Where do you live???
977103
Income Tax is on money you earn working/investing. Most people figure a ballpark of 20%. When a person wins a certain amount of money at a horse track they take 20% before giving your payout and you receive a receipt so you may get some back at the end of the year. This money is used for Federal Expenditures like; Freeways and national security and pays Federal Employees.\nSales Tax is when you buy things it depends on your State, City and County. Many figure a ballpark of 10%. Where I live it about 8% on most purchases and 12% on prepared foods like a restaurant or McDonald's. This money is used for local expenditures within the specific State, being divided accordingly to State, City and County and pays for things like; State and County roads, State Employees and Teachers, Parks etc.