TAXES
YOUR MONEY
Federal Taxes
Federal taxes are a tax taken out of each person's pay check by the United States IRS. The money goes to things such as defence and internationalsecurity system, social security, as well as medicare, medicaid, and CHIP.
Your earned dollars are the government's dollars first
IRS
We're all taxpayers
State Taxes
Sate taxes are sepereate from federal taxes. The state has its own set of deductions and credits it may take from one's income. The money goes to public transportation, public assistance, education, etc.
Percentages Deducted
Social Security averages on deduction 6.02% each pay check.
Michigan's State Tax averages 4.35% in decuctions
Medicare Tax averages 0.9%
Depending on the income, Federal Tax deducts between 10% and 39.2%
Molly Siko
Email: molly.siko@portageps.org