What percentage of taxes are taken out of wages for Tennessee?

Answer 1

It depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings as a type of tax, but many may really not be. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax. many other types of things are withheld too. The amount (or percentage) of income tax withheld also depends on many things...obviously which state (or even city) your in (although that may be a suprisingly small variable) and the tax rate for it, the amount of income your projected on earning over the year (because that helps determine your tax bracket and the percent that may be needed which changes at different levels), as well as your filing status, number of dependents and other deductions. And other possible income. And other things. It is absolutely true that 2 people, working at the same jobs, earning the same wage, may have, in fact almost always do have, very different amounts of tax withheld. All the things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to. There are also a number of different legal ways for the payroll provider to calculate certain aspects of the amount to withhold...so it is possible that "identical twins" working for different companies could have different withholding, (although overall the process normally makes only a small difference). Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty). Again, adjusting your W-4 is the way to correct for any of these circumstances.