Question for Newt

[Little Tinca]

In the UK there are two main stoppages in wages, these come in the form of income tax and national health contributions.

What sort of stoppages are in place in the states.

And what is the cost of private medical insuance.

If you for arguments sake earn a $1000 a week how would that break down.

[Guest Ferret1959]

A grand a week???????

I'm off to the States, bugger the benefits I get I'm getting back to work.

[bluezulu]

book two seats dave i`m joining ya!

[nigelnibbles]

for $1000 a week i'd even dress up in a stupid giant mouse costume and be nice to kids

[Guest Ferret1959]

nigelnibbles:

........... and be nice to kids

I think I'd be wanting a bit more than a grand for that.

 

Dressing up, well I'd do that for nowt.

[Peter Waller]

A grand a week, easy! Become a salesman!!

[Newt]

The usual tax things are Federal Income Tax, State Income Tax, Social Security Tax (government operated old age / disabled pension thing), Medicare tax (like Soc. Sec. but medical).

 

Health care coverage will depend on the specifics with a general rule of thumb that the more you pay for your coverage the less co-pay you are likely to have when you need to use it.

 

As to the amounts, the items other than the two income tax payments are pretty much fixed based on your circumstance. The income tax amounts are more of an estimate since at the end of the year (well, the tax deadline that falls in April for the previous year) you calculate everything including the amount you paid in over the year and you may get some refunded if you overpaid or you may have to pay some additional if you underpaid.

 

Rough estimates for a $1000 per week job:

Federal Income Tax - $180

State Income Tax - $35

Social Security & Medicare - $80

Health Insurance - $100

 

[ 19. June 2004, 03:20 PM: Message edited by: Newt ]

[severus]

You may be a bit low on the health insurance, Newt. I pay $600/month for 3 persons, and we shop around. A lot of people in this country don't have insurance. There's a lot of money being made in the medical field, apparently.

 

Ken

[Newt]

Works out about the same. I'm paying $400/month for the two of us. HMO though and I opted for higher co-pay when we need services to keep the monthly fees down.

 

I know that lots do not have health insurance. So they mostly use hospital emergency room visits for routine illnesses and often just don't pay the bills. Expensive way for us to provide fairly routine health care.

 

And the State Tax amount varies widely based on where you live. Alaska, for instance, pays residents a bonus at the end of the year with zero State tax. Not sure about other places but the figure I quoted is for North Carolina.

[rickster]

right i got it, to earn a decent wage im going to thew states to sell........ medical insurance

£600 a month i pay around £20 a month for my family