How Much of your paycheck do you get to keep?

[MonkeyMama]

IT always amazes me how much some people pay in taxes.

For now, I take home $70k and get to keep $60k (or $5k/month). So I get to keep 85%. Our fed tax will be breakeven for the year but we will get $1500 back from state. So if you look at it that way we really keep 88%.

Thanks (I guess) to our crazy health insurance premiums way over 7.5% AGI, mortgage, high state taxes, and all the tax breaks you get with 2 kids.

For now we are in the 15% tax bracket. Last year we made 50k and were in the 10% bracket. That year we kept 92% - only paid FICA & state disability tax. WIth the refundable child tax credit - maybe kept even more.

On the flip side, I Was self-employed through college and made about 12k/year. I paid thousands in self-employment tax. I have a client in this situation this year. Well they made closert to 50k, no income tax, but the self-employment taxes hit you where it hurts.

Every situation is so unique. Saving my pennies because I don't expect these low taxes to last forever.

I am just curious how much everyone is keeping...

[tinapbeana]

14.18% federal
 6.20% social security
 1.45% medicare
 5.56% state
 2.70% insurance
69.92% net

bluh... DH's paystubs aresent to his work email, so i've actually got no clue on his end.

[disneysteve]

I keep about 70% of mine.

[genmed]

We get to keep around 75% after taxes, but always get a huge chunk back at tax time (deductions), so it's more around 80%

[safari]

Around 70%

[HalMd]

As much as my wife lets me.

[sweeps]

Originally Posted by HalMd

As much as my wife lets me.

Click

[humandraydel]

68%

[lrjohnson]

About 78%, with a small fed refund that maybe makes it approx. 80%.

I don't mind paying taxes, though - I'm an oddball.

[wannabefree]

About 72%. And I hate taxes so I guess I'm normal

[MonkeyMama]

Originally Posted by lrjohnson

About 78%, with a small fed refund that maybe makes it approx. 80%.

I don't mind paying taxes, though - I'm an oddball.

LOL. I cringe how much we get to keep now because I know we will be paying a lot down the road. I Rather pay more now than have this giant deficit looming for sure. I cringe whenever more tax cuts are passed lately. I am with you.

Of course frankly I don't see the point of working much more and keeping a lot less. Hehe. SO taxes drive my choices somewhat.

[disneysteve]

Originally Posted by MonkeyMama

I cringe whenever more tax cuts are passed lately.

The problem with tax cuts is that money has to be made up somewhere else, because they sure as hell don't cut spending. So it either increases the deficit or it reduces services in other areas.

For example, here in NJ there is currently a controversy. They want to lower property taxes (which are the highest in the nation). To do that, they want to cut benefits for teachers. Many schools were closed the other day because teachers took off to attend a rally at the capital.

Tax cuts benefit some but penalize others because the money has to come from somewhere.

[MonkeyMama]

Don't even get me started - I agree.

I am very unhappy how much the state and federal government borrows from tomorrow to pay for today. OF course everyone is for that. But people like us cringe because we know it has to come from somewhere.

But I digress... This is why I don't mind my taxes. They do a lot of good. They go to a lot of fluff too, but what can you do...