Examine your last pay check. Determine the percentage of your gross pay that is taken for...

Examine your last pay check. Determine the percentage of your gross pay that is taken for deductions (including taxes, social security, health care, retirement, etc.). Total these deductions and then divide by your gross pay to determine the percentage. You do not have to disclose the amount of your gross pay or your deductions, but you may share the percentage of your pay that went for these deductions. Does this surprise you? Are there things you could change about this?

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Expert Solution

This can be address by taking an example of pay check/certificate. Lets understand few terms first:

1. Gross Pay: This represents the total amount paid by a organisation/company to its employees

2. Deductions: these are the deductions from gross pay towards taxes, social security, health care, retirement, etc

Assume that a person earning $5000 per month as regular pay. following is typical example of pay slip

Earnings		Deductions
Regular earning	5000	Providend fund	400
overtime	500	Federal Withholding	350
Incentive	300	OED	120
Bonus	100	State withholding	---
		OASDI	--
Total Earning	5900	Total Deduction	870

Here the required percentage is 870/5900*100 = 14.75%

This percentage can be reduced by following ways:

Contributions to retirement account
Reduce vacation costs may be by combining business trip and vaccation
Tax credits
The state sales tax break
Adjust your allowances properly to reduce the duductions

jeff jeffy answered 1 year ago

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