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| *Loan,banking and credit>>>income tax |
What percentage of your salary goes to paying income taxes? |
What percentage of your salary goes to paying income taxes? It's roughly 25-30%, depending whether or not you pay local taxes. -MM 25% of my check goes to taxes. FICA, FITW, State, Local you can ask your employer what the percentages are for each of the items like federal, state, local, and social security plus anything else that gets taken out, they are allowed to tell you this information so you can get a good idea what your paycheck will be. 22.26% for all taxes withheld including state 30% Check out cats.org. It takes 30% of the taxes taken just to fund the IRS. Let's do some basic math. Your salary is $1000 a month. (just for this example) Close the IRS and don't take out "income tax" - You now "take home" $1300. Increase "sales tax" to 18% (currently ~8%). Remember you have a 30% increase in take home. If the sales tax goes up by 10%. You are basicly still keeping 20% in your pocket. Why all this? What taxes do the "under-the-table" workers pay? ONLY the 8% while us legal workers are paying 38% in taxes. (30% income tax + 8% sales) Results...EVERYONE pays for the tax problem. It's proven...If you HAVE more money...You are going to spend more. Then...If you spend more..."they" have to make more product...More production needs more workers. More workers spend more... and so on... website explains it better...check it ;) In the USA, it's roughly a third. In many European countries where socialized medical care is available, it's closer to 50%!! |
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