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its not just about income. its about medical insurance deductions,retirement plan contributions etc. there is a whole lot more that will effect your barckets
Just to give a rough idea, 33.5% ($1,550) of my most recent check went to taxes, although I live in NY and work in NJ, so that doesn't do me any favors. I'm single, in my 20s as well, and also no kids.
But as mentioned, pre tax deductions will matter a lot. For example, with me, a portion of my check goes to my pension (3%), and a portion to a deferred compensation plan (5%), all of which is pre tax.
It looks like the income tax for me will be 6.45%.
Now, this is what the government website is saying about Social Security Tax and Medicare Tax:
Quote:
Under certain circumstances, New York City employees may be exempt from social security and/or Medicare taxes. If you fall into one of the following categories, you may be exempt from social security or Medicare taxes:
Not a pension member and contribute 7.5% or more to a 401(k), ROTH 401(k), 403(b) or 457 Deferred Compensation Plan/Tax Deferred Annuity (DCP/TDA)
City pension plan member in 1957 electing not to have social security
Half time CUNY student working at CUNY
Non-resident student or teacher admitted to the US under certain visas
Foster Grandparent working for the Department of Aging
Election Inspector/Worker earning less than $1,500 from the Board of Elections
Beneficiary of a deceased employee receiving payment after the calendar year of the employee's death
Temporary emergency relief employee
I am planning on contributing at least 10% to my 401k, does this mean I will not have to pay Social Security and Medicare Taxes?
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