May you tell me...

[Renate_do]

...about the % of your gross income you find on your paycheck?

Just wonder about it when I read this board and I always get the opinion that there must be a great difference.

Here at Germany you will only get around 50% as there is
10% for retirement insurance
7% for health insurance
2% for when you loose your job
30% income and church tax (average)

Greets Renate

 

[bdcp]

Well, to start with we don't have church taxes. Also most people have 401K investment plans for retirement as well as a company retirement plan. My DH works for a great company and doesn't pay for health, dental or vision insurance that we have. We see about 66% of his pay, and we choose to invest about 7% in his 401K. I work for the Fed. gov't and I see closer to 75% because I don't pay for insurance (have it through DH) and I invest 9% in a savings plan. I make less so my taxes are lower too. Also, our investments (401K and savings plan) are retirement plans and what is withheld is before taxes so we don't pay any taxes on that income now. It's deferred til we withdraw it. Everyone pays social security tax based on up to around $87,000 of income. Your employer pays half and you pay half. If you're self-employed you have to pay it all. Employers pay unemployment tax and workman's comp insurance. And some people have other things withheld or even extra taxes taken out so they can get more back at the end of the year. Our tax system can be confusing.

 

[georgina]

For us it's about 68%.
About 14% is taken out for federal tax, state tax, social security, and medicare, 10.5% for health insurance and expenses, 6% for company savings plan, and 1% to the United Way! I know I'm missing .5% somewhere, lost it in the rounding. Everyone will be different because of different health care costs and different federal and state income tax rates

 

[Befferk]

My check, I see about 76% of it (I don't have anything taken out other than normal taxes). My husband's is about 72%, that's with health/dental, 401k and some life insurance for all of us taken out.

Beth

 

[aka-mad4themouse]

In the USA, your federal income tax withholding is based upon your earnings and how many dependents you declare. The higher your income, the greater the percentage is withheld from your paycheck. Peopel earning between $0 and $7,300 have 10% withheld while people earning $163,225 will pay 35% of their income in taxes.

Social Security is 6.2% of gross income, while FICA (Medicare) is 1.45%.

On the state level, you may also have to pay between 0% up to 9.5% of your gross income, depending on the state in which you reside.

There is also state and federal unemployment insurance thatcomes out of your paycheck. I'm unsure of the exact numbers but again, they vary from one state to another.

There are also local taxes in some areas which can be a flat rate regardless of income or it can be a percentage of your income. In Philadelphia, city residents, regardless of whether they work in the city or its suburbs, will pay an additional 4.54% of their wages to the city. Non-residents who work within the city's borders pay 3.95%. I once worked in a town that charged a flat employment tax of $30 per person.

So, it is possible to pay 50% of what you earn to taxes. OUCH!!!

 

[momx2]

I had never looked at it that way. Thanks for posting this. After all taxes, fed.,state and local, soc. sec., medicare, health insurance and the mandatory 5% for my state retirement pension, I see 69%.

 

[pearlieq]

I see about 73.5% of my gross income. Since I'm a temporary employee without benefits they're only taking federal and state tax and social security/medicare tax out of my check.

If I were a regular employee they would also be taking my health insurance, extra disability and life insurance, and a retirement contribution.

Frankly, sometimes I think European citizens get a better deal. It might be worth it to give up another 20% of my paycheck for universal health care, free college, and better unemployment/welfare benefits. I guess there are pros and cons to each system.

 

[CheapMom]

just under 60%
after taxes, fica, healthcare, 401K

 

[Dory's Twin]

I just had to work it out after you posted the question. Year-to-date we have had 31% taken out. In my DH last paycheck it was 42%. Difference being OT.

We are a one income family so that includes everything from taxes to healthcare and retirement.

I keep telling DH that just because he makes "X" doesn't mean we get to spend "X"...maybe this calculation will help him to understand how much we don't get at home!!

Thanks for the question!

 

[ktglads]

I only see 64% of my gross pay - 25% goes straight to taxes, 8% to the 401K, the rest to other misc expenses (medical, dental, charity, stock options)

 

[RichNKatHolly]

What an interesting thread!!!

After doing the math, with no overtime, we see 66% of DH's check. We do have 10% taken off the top for 401K contribution though so I guess without that it would be closer to 73%.

We also get about $5000-$6000 back at tax time so I guess we could actually lower what they take out upfront. Not sure how to do that though without risking owing at tax time YIKES!

 

[dvcgirl]

We see about 62% of my DH salary. 30% goes to the Feds, social security and medicare, about 2% goes for our healthcare (insanely expensive) and 6% to max out that 401K for the year. We have no state income tax in Florida.

Mine is a little different because I'm a small business owner and I participate in a Simple 401K which allows me to invest the first 14,000 in profit pre-tax and then 25% of my profit above that (again pre-tax). We take full advantage of this plan and so I only ever pay tax on 75% of my profits... Of that money approximately 30% goes to the government.

 

[goodeats]

I only see 57%! But I'm also contributing 15% to 401K plus a little bit to a FSA, on top of medical and taxes. I may drop my withholdings after this years taxes if we get a lot back!

My hubby sees 67%, and he's also contributing 15% to 401K. I think he's withholding at the married rate, while I'm withholding at the single rate since we are both working. We'll see how this works out in April!

 

[Lisa loves Pooh]

We figure roughly 70%.....with 7% to 401K, some % to health care costs, and the large chunk (roughly 20% or so) to Income tax and social security taxes.

 

[skiwee1]

We get less then 50%. We pay 35% taxes, 10% for retirement, and another 5% for medical.

 

[mom2alix]

...about the % of your gross income you find on your paycheck?

Just wonder about it when I read this board and I always get the opinion that there must be a great difference.

Here at Germany you will only get around 50% as there is
10% for retirement insurance
7% for health insurance
2% for when you loose your job
30% income and church tax (average)

Greets Renate

Renate, a few questions from the curious...
What is the church tax?

Do you have property taxes on your homes and vehicles?

Do you have sales taxes?

We see about 75% once income taxes (state and federal), social security, medicare, and health insurance are taken out.

 

[dadtoagirl]

With the average wage out in our plant, and the ridicilous cost of health insurance to a small business like ours. Some of the average plant folks are paying 23-27% of gross for simple health insurance. I can easily see some of them getting < 50%.

 

[nepean]

A thought that Canadians were taxed to death, but I just figured out my husband's percentage and he takes home about 67%. That is after federal, provincial (state) taxes, Employment Insurance, Employer Pension Plan, Canada Pension Plan, supplemental medical insurance,and union dues. We don't pay for dental insurance. This is better than I thought.

On the other hand I am self employed and I pay about 15% for all taxes. I only work part time and the first $8000. approximately is tax free for everyone.

We also pay about $4000. per year for property and school taxes. We homeschool so I sort of resent the school tax since I have to pay for our books and get no deduction.

Interesting Thread

Linda

 

[mill4023]

I see 74% of my pay.
If all I had deducted was taxes, I'd see 86%.
I make pretty good money, but with only my one income, a wife, 4 kids, and mortgage interest, we end up with zero federal income tax liability.

Here is where my paycheck goes:

4% - Health insurance for all of us.
1% - Dental insurance
2% - Health Care Reimbursement Account
5% - 401k
14% - Federal income tax, medicare, social security, state income tax.

In addition, we pay about $2000/yr in property taxes.
No sales tax here in Oregon.

 

[Renate_do]

Renate, a few questions from the curious...
What is the church tax?

Do you have property taxes on your homes and vehicles?

Do you have sales taxes?

We see about 75% once income taxes (state and federal), social security, medicare, and health insurance are taken out.

If you are a member of either the catholic or evanglistic church you have to pay 5 or 6% (depends of the state) of your income tax to the churches.

Yes, we do have property tax to be payed to the town you live and taxes on your cars depending on the volumne of the motor and how good it is to the nature (hope you get what I mean)

So you have to pay between 21,07€ and 37,58€ (ca. 26$ to 46$) each 100ccm per year. Means for a midsize car with 2000ccm you pay up to 920$ p.a.
Additional there is a tax on gas which is around 1$ each liter!

Sales tax is 7% for food and newspapers and 16% for all other items.

Greets Renate