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Social security tax is 7.5%, with an annual cap of $113k (taxed) Medicare tax is 2.9%. Federal tax is very complicated but probably in the range of 20-25% for m
by svachalek 13y ago
Social security tax is 7.5%, with an annual cap of $113k (taxed)
Medicare tax is 2.9%.
Federal tax is very complicated but probably in the range of 20-25% for most people.
State taxes vary by state. In California it can end up being a third of your federal tax.
You really need to save about 10% for retirement.
Health insurance may or may not cost you money. Typically it will cost at least a few $thousand/year.
Having talked to a few Europeans about it, my impression is that both the raw salary and the % you keep are quite a bit better in the US, for professional workers, and that most goods cost less. But you are expected to work more hours with less time off and if you get sick or hurt or something really bad happens to your company/town/industry, good luck to you. There are "safety nets" for most of these things but they have a lot of holes in them.