How much is State, Federal, and Social Security tax all combined?

I don't have a job just yet, but a lot of people tell me that we are taxed 49% out of our asses!

49%? is that true? that's like stealing money!

What do they mean by 49%? Only the rich get taxed that much? Or is that the maximum?

And how much social security can be written off?
and which of the other two taxes can I deduct??

Please help someone without any knowledge of taxes!

The maximum tax bracket total is about 40%, if you make 2000-5,000$/yr or even 10,000$/yr you will get almost all your federal tax refunded back to you. Expect to have 30-35% of your wages taken out if you will be making less than 50,000$/yr. Just a rough estimate.

Originally posted by SpYnalChRd81
How much is State, Federal, and Social Security tax all combined?

I don't have a job just yet, but a lot of people tell me that we are taxed 49% out of our asses!

49%? is that true? that's like stealing money!

What do they mean by 49%? Only the rich get taxed that much? Or is that the maximum?

And how much social security can be written off?
and which of the other two taxes can I deduct??

Please help someone without any knowledge of taxes!

Scary isn't it? What if I tell you that you can be taxed at an even higher rate?

Highest bracket for fed is 39.6% (Will go down beginning in 03)
Highest bracket for California is 9.3%
SS tax is 7.65% with cap on the 6.2% OASDI
Some places have other state and local taxes. For example, California has the SDI.

So, how much tax you could possibly be paying?

You should talk to an accountant to learn more about your taxes.

Just for the record...

I get about roughly 24% in taxes taken out - I estimate my net on my paychecks by taking the gross * .76 and it comes out pretty darn close.

I'm 22 and claim 0, part-time, single, etc. Got a little less than 25% back come april, state and fed combined. Don't know much about what bracket I fit in and all that (just know that I'm qualified to do mine over the phone :) )