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We hear a lot about income taxes, when you get some people concept just transfer pricing the amount income-related taxes they're paying off. We're taxed by both our federal government and our state. Individuals have federal government takes the lion's share, I'll give full attention to its taxation.

But your employer in addition has to pay 7.65% with the income he pays you for your Social Security and Medicare insurance. Most employees are unaware of this particular extra tax money your employer is paying for you personally personally. So, between you and your employer, federal government takes about 15.3% (= 2 times 7.65%) of one's income. If you are self-employed obtain a the whole 15.3%.

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