3 ms·
It's not really all taxes,more like "deductions". Out of my typical paycheck - 17.5% is withdrawn for retirements savings/pension funds - the first 600 dollar
by GFischer 16y ago
It's not really all taxes,more like "deductions". Out of my typical paycheck
- 17.5% is withdrawn for retirements savings/pension funds
- the first 600 dollars are untaxed, then bracketed 10%, 15%, 20% and 22%. I pay up to 22% tax bracket, 25% on the extra holidays check. (in all, it's about 12% of my pre-deductions income except in Christmas where it shoots up to 20% or so)(1)
- 6% goes to healthcare (it's mandatory), I pay an extra 6% on top of that but that was entirely my option (for better healthcare).
- some miscellaneous taxes (a reconversion fund for workers and others)
Well that makes out like 40%, not 50%, but you get the idea :)
After that, we have a 22% Value Added Tax on everything, and a minimum of 60% taxes on imports, but those are "optional" (optional, that is, if you don't eat or buy anything - and it's regressive taxation)
(1)Some companies cheat the DGI (IRS equivalent) by under-reporting employee's salaries (typically so they fall in a lower income bracket, or untaxed income bracket), and then pay a slightly higher than average market salary overall. Of course, that means you can't go to the government and complain if they fail to pay you, and it goes back to bite you when you retire (retirement plans are tied to how much you were paid when working).