What Are The Factors Affecting Your Paycheck?

2016_0419-TakeHomePayIt’s just a hunch but I’m willing to bet that a lot of you earning a paycheck don’t fully understand all the deductions that are taken from your gross amount. First of all, these deductions are actually called taxes. That’s right, you’re now in that exclusive club that helps run our country as smooth as it can.

Depending on what state you live in determines how much in taxes you pay. The basic taxes we all pay are Federal Income Tax, Social Security and Medicare. Federal is just how it sounds. It pays for what’s needed throughout our country including National Defense. Social Security is there to assist you financial when you reach retirement age. Trust me, you’re going to need that. As you will with Medicare, that’s also for retirement age to assist with basic health care.

All states are not created equal when it comes to taxes. A number of states have a State Tax and could also have a City Tax. There lots of other taxes out there but I think you get the idea. Death and taxes…I’ll take taxes!

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