timtysonsmith

I am trying to figure out roughly how much tax I will pay in the US.
I went to http://us.salarycalculator.co.uk which gives me federal tax + social security. Then checked virginia Dept of taxation site for state tax. It all adds up to around 21% federal tax, 5% social security and state tax 5.5% so total 31.5%.
Am I on the right track? I am not sure if I'll end up paying much less tax due to something I have missed or if my simplified way of looking at things means many other taxes need to be added on!
Throw me a bone and when we finally get Loudoun County I will have to buy you a beer or two or three!

Michael

Social security tax is 6.2% for the first $102,000 of income and medicare tax is 1.45% on your complete salary.

Use the following tax calculator to estimate your federal income tax. Make sure you have the correct filing status and exemptions.

http://www.dinkytown.net/java/Tax1040.html

Your tax will be less than indicated if you can itemize (more than $5,700 in deductions for single or $11,400 for married). Normal deductions include state tax, home interest mortgage payments, and local property tax.

timtysonsmith

Thanks Michael, your assistance much appreciated.

Bill_S

That looks like a good site, but dinkytown?

kins

Check what you're likely to pay in property taxes. We went from less than $1,500 a year in the UK to $6,000 a year in Maine.

Also for us health insurance was over $12,000 a year in the first year.

Once you factor those two in your take home can start looking a bit meagre...

Peter Newton

I like this website to estimate your paycheck: www.paycheckcity.com

It has lots of useful other stuff too...

Bob

and don't forget car insurance, that takes a big hit especially the first few years...sure it's not a direct tax but it does take a wedge away from disposable income.