Hello I have a question for those of you working in the US - I am looking for a ballpark figure regarding gross and net pay. For number's sake, let's use fake numbers. Say someone makes $75,000. Before taxes, etc, this comes to $2,884 every 2 weeks. Without taking 401k's into consideration.........out of a $2884 amount, how much would the person get on his paycheck (again, ballpark).? Half? Also - is it true that the interest portion of a mortgage is tax deductible? Thanks
It depends on the state you are working/living in. Everyone owes federal income tax which would be about 28% in the bracket you have given. That's your base. Then there is the State income tax which is owed in some states but not in others. Then there are the property, county/local and school district taxes which also change up greatly by location. You would really need to identify exactly which state, county, school district and occupation you would be in for an accurate estimate to be given. We have an entire industry that employes tens of thousands of people in the U.S. to deal with just these types of questions. The tax code changes so much each year that you sometimes need a pro to walk you through it.
