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| *Loan,banking and credit>>>income tax |
How much is the average percentage of income tax? |
i have a minimum wage job and was wondering how much would income tax take away from my salary. How much is withheld depends upon how many exemptions you claim on your W-2. The absolute minimum that would be withheld from your paycheck would be 7.65%. This is the sum of Social Security and Medicare withholding. The following website has some pretty good calculators to help determine what your take home pay would be. http://www.paycheckcity.com I think it's about 18% but more then income issues are concerned and you also pay sales tax when you buy a new pair of shoes, food and gas, etc. Add it all up and I think it's about half of anything you make. Technically, there is no average tax rate. There is a graduated tax system meaning the higher your taxable income, the more that you wll pay in taxes as you increase from one tax bracket to another. |
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