![]() Other major cities include: New York - a global finance and culture center, Los Angeles - famed for filmmaking and known as the "Creative Capital of the World", Chicago - renowned for its museums and bold architecture. The US is the 4th largest country by area in the world with over 50 states, covering a vast part of North America. The net migration rate is among the highest in the world. Thanks to its strong economy, the United States has always attracted a high number of immigrants from all over the world. Over 128 of the world's 500 largest companies are headquartered here, including: Walmart, ExxonMobil, Chevron, Apple, JP Morgan Chase, and many others. This makes the USD (US dollar) the most used currency in international transactions. The United States financial market is also the largest and the most influential in the world. The US leads the world by having a high productivity of manufactured goods, a well-developed infrastructure, and abundant natural resources. The United States' economy is the largest and one of the most open economies in the world, representing approximately 22% of the gross world product. This places US on the 4th place out of 72 countries in the International Labour Organisation statistics for 2012. The average monthly net salary in the United States is around 2 730 USD, with a minimum income of 1 120 USD per month. Budget 2022-23 This calculator has been updated to use 2022-23 Budget, however figures may change in the October '22 Budget update. This calculator is always up to date and conforms to official Australian Tax Office rates and formulas. The information presented here is based on the fiscal regulations in the United States in 2022. pay calculator Use this calculator to quickly estimate how much tax you will need to pay on your income. Medicare provides health insurance for older people (greater than 64 years), people with disabilities and people with terminal diseases. Medicare Tax has two tax brackets, 1.45% for the first 200,000 USD earned and 0.9% for the remaining. The tax goes into funds for: retirement benefits, benefits for widows and widowers, and disability benefits. ![]() Also known as the Old-Age, Survivors, and Disability Insurance (OASDI), the Social Security tax must be paid by all employees and self-employed earners. Social Security Tax applies only on the first 147,000 USD that you earn, at a rate of 6.2%. The tax is imposed at a fixed or graduated rate on taxable income. State Tax is a progressive tax in addition to the federal income tax. When you start a new job or get a raise, you’ll agree to either an hourly wage or an annual salary. The above calculator assumes you are not married and you have no dependants, so the standard deduction per annum is 12,950 USD. How Your Paycheck Works: Income Tax Withholding. ![]() The federal income tax has seven tax brackets which range from 10% to 37%. Taxation in the US Federal Tax is a progressive tax, with higher rates being applied to higher income levels.
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