![Anon on Taxes [1440x2065 - 387KB]](https://pic8.co/sh/FjIUld.png){kind=link}
there's also the 7.5% FICA on the 1st $130K, and the additional .9% if wages exceed $200K. I understand these aren't 'income taxes' per se, but they are deducted from wages and in the eyes of the W2 employee, it's all tax withheld
there's also the 7.5% FICA on the 1st $130K, and the additional .9% if wages exceed $200K. I understand these aren't 'income taxes' per se, but they are deducted from wages and in the eyes of the W2 employee, it's all tax withheld
Very true, but the "theoretical" people with no deductions and no credits are pretty rare. The family in my previous example would pay a total of about 15% out of their paychecks if they're doing their W4 correctly.
Very true, but the "theoretical" people with no deductions and no credits are pretty rare. The family in my previous example would pay a total of about 15% out of their paychecks if they're doing their W4 correctly.
you're talking about the $100K couple with kids and federal only, correct?
you're talking about the $100K couple with kids and federal only, correct?
I'm talking about TOTAL payroll taxes for that couple (federal, FICA, and state), yes. They have to do their W4s correctly, though. Otherwise it will be higher and they'll have to wait to get a big refund when they file.
I'm talking about TOTAL payroll taxes for that couple (federal, FICA, and state), yes. They have to do their W4s correctly, though. Otherwise it will be higher and they'll have to wait to get a big refund when they file.
(post is archived)