The amount of taxes withheld from a paycheck depends on several factors including income, filing status, number of dependents, and state of residence. Generally, the taxes taken out include:
- Federal income tax: This varies based on tax brackets ranging from 10% to 37% depending on your taxable income. For example, for 2024, single filers pay 10% on income up to $11,600, 12% on income between $11,600 and $47,150, and higher rates for higher income brackets
- Social Security tax: 6.2% of your gross paycheck is withheld for Social Security (up to a wage limit), and your employer contributes an additional 6.2%
- Medicare tax: 1.45% of your gross paycheck is withheld for Medicare, with no wage limit
- State and local income taxes: These vary widely by state and locality. Some states have no income tax, while others withhold several percent. Local taxes can also apply
- Other possible deductions: These might include state disability insurance, unemployment insurance, family leave insurance, and workers' compensation, depending on the state
Overall, a typical paycheck might have around 15% to 25% or more withheld for taxes, but this varies individually. For example, a sample paycheck of $3,146 might have about 19.17% withheld for taxes including federal, state, local, Social Security, and Medicare taxes, resulting in about 73% take-home pay
. To summarize, the main taxes taken out of a paycheck are:
- Federal income tax (10%-37% depending on income)
- Social Security tax (6.2%)
- Medicare tax (1.45%)
- State and local income taxes (varies)
- Other state-specific taxes (varies)
The exact amount depends on your earnings, tax filing details, and location
