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Tennessee: $134,630. Take-home salary: 74.28%. ... SmartAsset’s Paycheck Calculator was used to calculate the exact salary amount in each state. All state income tax rates cited in this article ...
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U.S. states and territories by annual median wage 2021 (in current dollars) National rank State or territory Median wage in US$ [4] Average earnings in US$ [3] 1
Note that although self-employed individuals pay 12.4%, this is mitigated two ways. First, half of the amount of the tax is reduced from salary before figuring the tax (you don't pay Social Security tax on the tax your employer pays for you.) Second, the "employer" half is an adjustment to income on the front page of Form 1040.
A paycheck, also spelled paycheque, pay check or pay cheque, is traditionally a paper document (a cheque) issued by an employer to pay an employee for services rendered. In recent times, the physical paycheck has been increasingly replaced by electronic direct deposits to the employee's designated bank account or loaded onto a payroll card.
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It is an example of the second type of payroll tax, but unlike in other jurisdictions, it is paid directly by employees rather than employers. Unlike the first type of payroll tax as it is applied in Canada, though, there is no basic personal exemption below which employees are not required to pay the tax. [8]