How do taxes work?

[Chaicho]

I have no idea how taxes work.

What i mostly want to know is for my paychecks that I will be getting in next week. So lets say I calculated the hours I worked already and I got 500$. How much will taxes take away from that paycheck?

[TetraSky]

Depends on where you live. I think California is somewhere in the neighborhood of 20% of your paycheck going to various taxes.
According to this website, if I used it correctly anyway, a 500$ bi-weekly paycheck should give you a net paycheck of $413.07. This doesn't include any sort of insurance your job may have on top of it, or union, or many other things.

http://www.paycheckcity.com/calculator/salary/

• Bi-weekly Gross Pay$500.00
• Federal Withholding$44.18
• Social Security$31.00
• Medicare$7.25
• California$0.00
• SDI$4.50

Net Pay

• Net Pay$413.07

[TubsAlwaysWins]

1 minute ago, TetraSky said:

Depends on where you live. I think California is somewhere in the neighborhood of 20% of your paycheck going to various taxes.
According to this website, if I used it correctly anyway, a 500$ bi-weekly paycheck should give you a net paycheck of $413.07. This doesn't include any sort of insurance your job may have on top of it, or union, or many other things.

http://www.paycheckcity.com/calculator/salary/

• Bi-weekly Gross Pay$500.00
• Federal Withholding$44.18
• Social Security$31.00
• Medicare$7.25
• California$0.00
• SDI$4.50

Net Pay

• Net Pay$413.07

Holy shit. Its like 9% of my check here

[TetraSky]

Just now, TubsAlwaysWins said:

Holy shit. Its like 9% of my check here

Yeaaah, from what I could find, apparently California has some of the highest taxes in the US. But again, I'm only going by what that site is saying, I don't even live in the US, our taxes here in Canada are closer to 30%, to pay for the various services that would essentially ruin anyone in the US. Like Health care.

[TubsAlwaysWins]

Just now, TetraSky said:

Yeaaah, from what I could find, apparently California has some of the highest taxes in the US. But again, I'm only going by what that site is saying, I don't even live in the US, our taxes here in Canada are closer to 30%, to pay for the various services that would essentially ruin anyone in the US. Like Health care.

Then again i don't pay property tax (I think) because I am a minor. If my dad/boss is correct its usually like 7.75% tax on my paycheck

[Misanthrope]

According to Libertarians though...

Spoiler

[rmac52]

I pay about 26-28% in Massachusetts.