I am doing a little mental excersize, and I want to know aproximately what percentage of his/her income a worker should expect to pay in taxes at the state, local and federal levels. If you could even give a break down, that would be better. For the sake of my excersize, this individual doesn’t own a house, but rents an appartment, and has a small car, which is insured.
I just budget an even 30% for the taxes, even though it’s less.
If you really want to be accurate, look at a pay stub. Figure out the percentage for each deduction, and then for the overall deduction.
www.salary.com has some pretty good income tax calculators. I used them when I negotiated the salary and bonuses for my last new job.