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Old 08-26-2007, 06:22 AM
 
2 posts, read 3,845 times
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This may not be an easy question to answer

If I earnt $3000 or $5000 per month how much of it would get into my bank account (after taxes)? Is there a standand percentage? I know in the UK I would expect around 24% to disappear in taxes
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Old 08-26-2007, 08:45 AM
 
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There is no standard percentage. According to the tax foundation, the average for Tennessee state local and federal tax burden totals is 28.8% That can vary widely based on a number of factors, and frankly the figures are suspect.

By the time you add up Federal income tax, FICA, state income tax (TN has none), property tax, state sales tax, local sales tax, hidden taxes like auto registration, communication surcharges, gasoline taxes, tolls, association fees, and a number of other taxes, you can figure that about 50% of an income goes to pay some sort of tax or required governmental charge. There are ways that you can make it far less, but most people aren't in a position to do so, nor do they have a CPA that can guide them legally through the morass of tax laws.
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