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Whats my Pay? USA

Calculate your pay in USA


Federal Income Tax

Federal income brackets and tax rates for individuals are adjusted annually for inflation. Federal Income tax is paid only on TAXABLE INCOME, which means that the income remaining after deductions have been taken off your salary, will go through and be taxed at the different tax brackets ranges.

The marginal tax rates for 2018 are 10%, 12%, 22%, 24%, 32%, 35% and 37%. There are 4 different filing methods - Single, Married filing jointly/ Qualified widow(er), Married filing separately and Head of Household.

SINGLE TAX RATES
TAXABLE INCOME TAX RATE
0 – $9,525 10%
$9,525 – $38,700 12%
$38,700 – $82,500 22%
$82,500 – $157,500 24%
$157,500 –$200,000 32%
$200,000 – $500,000 35%
$500,000+ 37%

MARRIED FILING JOINTLY/ QUALFIED WIDOW(ER) TAX RATES
TAXABLE INCOME TAX RATE
0 – $19,050 10%
$19,051 – $77,400 12%
$77,400 – $165,000 22%
$165,000 – $315,000 24%
$315,000 –$400,000 32%
$400,000 – $600,000 35%
$600,000+ 37%

MARRIED FILING SEPARATELY
TAXABLE INCOME TAX RATE
0 – $9,525 10%
$9,525 – $38,700 12%
$38,700 – $82,500 22%
$82,500 – $157,500 24%
$157,500 –$200,000 32%
$200,000 – $300,000 35%
$300,000+ 37%

HEAD OF HOUSEHOLD
TAXABLE INCOME TAX RATE
0 – $13,600 10%
$13,600 – $51,800 12%
$51,800 – $82,500 22%
$82,500 – $157,500 24%
$157,500 –$200,000 32%
$200,000 – $500,000 35%
$500,000+ 37%

For more information  wikipedia.org/income_tax



Standard deduction

Deductions are calculated according to how many dependents you have (excluding yourself and your spouse). There is a standard deduction for each filing status.

For single filing status, the standard deduction is $12,000. If you are married and filing a joint return, the standard deduction is $24,000. If you are married and filing separate returns, the standard deduction is $12,000. If you are the head of the household, the standard deduction is $18,000.

For more information  wikipedia.org/tax_deduction.





Monthly Additional Deductions

An optional field is provided to enter your additional monthly deductions that are tax-free. Enter the total value of anything you want to include as a deduction. E.g.retirement plan contributions are tax-free. Values entered in here is multiplied by 12, and then included in the deductions to find the taxable income.

For more information  wikipedia.org/tax_deduction.





Social Security (FICA - Part 1)

The Federal Insurance Contributions Act tax (FICA) is imposed on both employees and employers to fund the Social Security and Medicare programs that provide benefits to retirees, disabled people and children of deceased workers. The Social Security portion is 6.2% of the annual income (up to $128,700). So, if your income exceeds $128,700 this year, it this means that the maximum Social Security contribution payable is $7,979.40.

For more information wikipedia.org/federal_tax





Medicare (FICA – Part 2)

Part 2 of FICA is Medicare. Medicare is 1.45% of all your earnings. There is no maximum amount for the Medicare portion. Additionally, starting in 2013, employers were instructed to withold an additional Medicare tax of 0.9% on earnings over the additional Medicare threshold.

For single filers, this threshold is $200,000. For married couples/qualified widow(ers) filing a joint return, this threshold is $250,000, for married separately filing couples the threshold is $125,000 and for the head of household it is $200,000. (FYI - an equal amount of FICA tax must be paid by the employer).

For more information visit  wikipedia.org/medicare.