How Much in Taxes Is Taken Out of Your Paycheck?
Where does the money go, and what is it used for?
If you're making money, chances are you'll have to pay taxes on it. In fact, Uncle Sam takes a decent-sized chunk of your paycheck before it even hits your bank account. Before you sign a lease or nail down your budget, you’ll need to figure out your "take-home pay," or the amount of your hard-earned money that will actually end up in your pocket.
In this article, we’ll answer two questions: How much can you expect to pay in taxes, and just what is that tax money used for?