Post by LWPD on Mar 3, 2012 8:23:14 GMT -5
Below is a visual breakdown on many of the small details that go into determining the final numbers seen on a paycheck. An excellent overview on how to better protect yourself.
Courtesy of Paycor
"Most American workers aren't aware of the factors that determine how much is deducted from their paychecks, yet it's important to have that understanding so you can speak up about any errors. Read more about the details of payroll and tax deductions in this infographic.
So what exactly is that payroll software deducting from your paycheck? Typical deductions include federal income tax, OASDI, Medicare tax, disability and state income tax. Your tax bracket will range from 10% to 35% depending on your amount of taxable income. Medicare tax rates will be different depending on whether you work for a company or are self-employed.
At the state level, individual states handle taxes differently, with seven states charging all residents a flat tax rate and nine other states not collecting any income taxes at all. Read more about state income taxes below."
Courtesy of Paycor
"Most American workers aren't aware of the factors that determine how much is deducted from their paychecks, yet it's important to have that understanding so you can speak up about any errors. Read more about the details of payroll and tax deductions in this infographic.
So what exactly is that payroll software deducting from your paycheck? Typical deductions include federal income tax, OASDI, Medicare tax, disability and state income tax. Your tax bracket will range from 10% to 35% depending on your amount of taxable income. Medicare tax rates will be different depending on whether you work for a company or are self-employed.
At the state level, individual states handle taxes differently, with seven states charging all residents a flat tax rate and nine other states not collecting any income taxes at all. Read more about state income taxes below."
