Really confused...

[mmzee]

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!

 

[geographyrocks]

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

[TakeruK]

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.