Taxes and Your Paycheck. Chapter 5. Payroll Taxes. Payroll Taxes are taxes based on the payroll of a business These taxes are paid to the government by you and your employer Payroll Taxes include income taxes and social security taxes. Income Taxes.
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IF YOUR VIRGINIA TAXABLE INCOME IS:
Not over $3,000, your tax is 2% of your Virginia taxable income.
but not your tax of excess
over— over— I s— over—
$ 3,000 $ 5,000 $ 60 + 3 % $ 3,000
$ 5,000 $ 17,000 $ 120 + 5 % $ 5,000
$ 17,000 $ 720 + 5.75 % $ 17,000
If your taxable income is $90,000, your tax is $720 + 5.75% of the amount over $17,000.
This equals $720 + (.0575 x $73,000) = $720 + $4,197.50 = $4,917.50 which should be rounded to $4,918.