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Hi I recently got a raise and wanted to calculate how much I would take home, and I get paid weekly.

If my salary is 65000, I live in NYC, and my weekly paycheck is $867, that is more than 30% of my gross pay going in to taxes. Is that right? I am filed as a single 2.

I feel like that is a lot of taxes to pay for the amount I am making.

Dheer
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Caitlin
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1 Answers1

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On $65000, you are in the 25% marginal federal bracket. Once exemption and standard deduction are considered, the federal bill is about $9500. That's about 15% overall. Another 7.65% for social security/medicare, and you're at 22.65. 6.35% to cover NY city and state sounds right. Even a bit low.

I suggest you search for on line tax software, there are a number of them that can help you see if your withholding is good, or the effect of saving to a 401(k) or IRA.

JoeTaxpayer
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