I’m looking at …
Fed: 10.0%
Social Security: 6.0%
Medicare: 1.4%
State: 2.6%
Total: 20.0%
I also have a bit of untaxed, like insurance, 401K, etc.
I should note that, at the end of the year, I always collect a bit in tax refunds.
I know I am paying exactly 25.5% of my paycheck in taxes - I put the salary into Quickbooks each week and the check it writes is 25.5% less than that.
I live in a county with sales tax…plus I own property, smoke, and buy gas, so I’m paying taxes on those too.
Based on my monthly paycheck,
Unemployment insurance: 0.8%
National Income tax: 6.1%
Local Tax: 8.2%
Total: 15.2%
Spain.
I live in Navarra, one of the two parts of the country that have “direct collection of direct taxes”. That means we pay income tax to the “local” IRS instead of to Madrid; it also means that every time the local government tweaks tax rates, Madrid sues them, and every time the judges tell Madrid to take a hike and btw pay costs for the trial thank you much.
7.5% to Social Security, matched by my employer. This is true for any income bracket. There are occasional Government campaigns where employers’ match is lowered for certain special groups for a while (for example, they have to match only 5% to your 7.5% if you’re female and they move you from temp to perma, for 6 months).
About 30% direct tax. I’ll probably get a return this year due to having bought a home, but I’m in the highest income bracket, so I pay the highest %. No problem with that, since other people’s taxes helped put me through grad school.
Except that an employer, when considering whether to hire someone, must budget a certain amount of money to do so. This amount takes into consideration the various taxes and benefits that this employee will cost. Lower the employer “constribution” to our welfare state, and in many cases it is likely that the salary of the employee would rise.
Taxes as a percentage of my adjusted gross bi-weekly salary, after deductions for medical, vision, 401(k):
Federal Income- 10%
Social Security- 7.1%
Medicare- 1.7%
NJ State Income- 2.8%
Total: 21.6%
Rough calculations show that I see 60% of my gross.
Note that both my cites only take in part of the BiiiiG world we live in. They skip many small nations, most of Africa, and quite a bit of Asia, too.
Rates are calculated from my Taxable Wages - not Gross (ie subtract out 401K first):
Medicare - 1.6%
Soc Sec - 6.9%
State - 6.4%
Fed - 19.4%
Total - 34.3%
or over 1/3 of my paycheck even before we add in sales tax, property tax, gas tax, etc, etc, etc.
Swede here. 30.8% withheld, but I don’t understand why. It should be much higher. And I still get money back every year.
The “overall tax burden” includes property, sales taxes, and “other taxes”. (and it’s and average figure, you may not be average)
In Sweden, those are 1.6%, 13.1% and .2%. Also in Sweden your employer pays more than the usual “half”- they pay 11.64%. In the uSA they average 3.77%.
Let’s take a look at the whole Swedish tax (vs USA) picture:
Personal Income 15.8 (8.8)
Corp Income Tax 3.1 (2.1)
Employee Soc sec contributions 2.83 (2.97)
Employer " " " " 11.64 (3.77)
Payroll taxes 2.4 (0.0)
Prop tax 1.6 (3.1)
Sales tax 13.1 (4.6)
Other 0.2, (0.0)
total= 50.7 (29.4)
Yes, I know. What I was saying is that as far as I know and understand it, there should be more than thirty percent being withheld from my salary each month.
Between Government Pension, Federal Tax, Provincial Tax, QPIP and EI contributions, it totals to about 26.8%. If you add the other employee-removed fees, that total comes out to 33.1% of stuff gone before I can spend my money.
US, single. About 26% tax burden on my after-pretax-retirement-deduction balance. That includes Federal, State of VT, FICA.