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Navigating Paycheck Taxes: Understanding Your Financial Picture

Dive into the intricacies of paycheck deductions, including federal, state, and county taxes, as well as Medicare and OASDI premiums. Gain insight on adjusting taxable income and how it impacts your annual earnings.

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Navigating Paycheck Taxes: Understanding Your Financial Picture

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  1. What Happened to My Paycheck? Lowery Financial Literacy Unit 8th Grade FACS

  2. Health Insurance • Medical, Dental and Vision • 6,250 per year

  3. Adjusted Taxable Income • Amount you are taxed on: • Annual Salary – Health Insurance • Other items such as investments for retirement and other deductions could be subtracted but we will not address those.

  4. Federal Tax • Multiply your adjusted taxable income by 7% or .07. • This is an average and will adjust by income level and number of dependants.

  5. State Income Tax • Adjusted Taxable Income multiply by 3% or .03. • Varies according to income level and number of dependants.

  6. County Tax • Multiply your adjusted taxable income by .03 • Used to pay for county development

  7. Medicare Insurance • 2% of your adjusted taxable income. • Health insurance for our American population over 65.

  8. OASDI • 6% of your adjusted taxable income. • Old age, survivors, and disability insurance.

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