So I need to do some number crunching right now, and figure out if it is smart to move out. How much percentage is taken out of a person's paycheck? Does it vary depending on how much I make or is it a set percentage? I made between 40-50K and work in Aurora, IL.
For taxes: Illinois basically takes 3% (with small adjustments for withholding allowances), and Social Security/Medicare takes a flat 7.65%. The federal tax formula is really complicated, but if you want an exact answer, go to page 38 of this document and start there. Then there are other things: insurance, retirement plan, that sort of thing, which are whatever they are.
Overall I find that I take home about half my gross; figure that between 33-50% of your paycheck is gone before you get it.
Next month I am getting a backpay check due to our union contract finally being hammered out. Naturally, the company is adding it onto my regular paycheck. I wonder how much of an ass raping I will recieve for a $13k paycheck.
i usually take home about a 2/3 of my gross so thats about inline with what everyone else makes. I've worked a lot of commission jobs in the past but i never noticed it being taxed that much more...hmmm i guess i shoulda paid more attention.
Commissions should not have more withheld. Check how they have your withholdings set up. BTW, you can override some of the holdback by changing the number of exemptions you have your employer take out. Be careful as you may still owe it in the end.
When that first post said 25% I got all excited... in PA, I was at 31% for state and federal tax, plus 5% for the city of brotherly love tax(that is off the top, not after 401k contribution, bunch of BS. That is why Philly is a welfare city).. Now it sounds a little more like it, somewhere between 30-35%.. I can deal with that know my insurance is 1/3 what it was in Philly... I love the mid west, now if we could just get some mountains here!!!
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Related Threads
?
?
?
?
?
Chicagoland Sportbike Forums
2M posts
11.3K members
Since 2002
A forum community dedicated to Chicagoland Sportbike owners and enthusiasts. Come join the discussion about performance, modifications, classifieds, troubleshooting, maintenance, and more!