mmzee Posted March 6, 2015 Share Posted March 6, 2015 I'm trying to see how much I will pay for taxes and how much I will actually get paid each month. Do I need to add the federal tax to the state and city tax and take that from my stipend each month? It says that the federal tax for $9,076 to $36,900 is 15%. The state tax for $3,001 and $100,000 is 4.75% and the city tax is 3.2%. So I take out 22.95% of my stipend each month if it's withheld at the source? Thanks for helping me! Link to comment Share on other sites More sharing options...
geographyrocks Posted March 6, 2015 Share Posted March 6, 2015 (edited) This might help: My state has a similar tax rate and the total tax taken out of my stipend each month is roughly 9.5%. (That includes state and federal) Edited March 6, 2015 by geographyrocks Link to comment Share on other sites More sharing options...
TakeruK Posted March 9, 2015 Share Posted March 9, 2015 No, there is progressive taxes** and also exemptions. See the wikipedia article for an example. **Progressive taxes means you pay tax on each portion of the income separately. For example, the first $0-$9076 earned is only taxed at 10% and you only pay 15% on the portion above $9076. Link to comment Share on other sites More sharing options...
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