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Explaining Your Paycheck
This infographic takes a dry topic, unknown to some employed medical professionals and healthcare workers, and makes it interesting by visually walking us through a paycheck.
The design allows us to understand all the different deductions that may come out prior to the final amount that makes it to your bank account.
Importance
Most American [healthcare] workers aren’t aware of the factors that determine how much is deducted from their paychecks, yet it’s important to have that understanding so you can speak up about any errors.
The Deductions
So what exactly is that payroll software deducting from your paycheck?
Typical deductions include federal income tax, OASDI, Medicare tax, disability and state income tax. Your tax bracket will range from 10% to 35% depending on your amount of taxable income. Medicare tax rates will be different depending on whether you work for a hospital, clinic or are a self-employed medical professional.
Assessment
At the state level, individual states handle taxes differently, with seven states charging all residents a flat tax rate and nine other states not collecting any income taxes at all.
Source: Paycor
Conclusion
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Filed under: Taxation | Tagged: disability and state income tax., federal income tax, Medicare Tax, OASDI, On Payroll and Tax Deductions, Payroll Deductions, tax bracket, tax deductions | 3 Comments »
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