Action Tip: Today is quite simple and we will knock off two payroll deductions. On your piece of paper or spreadsheet put down how much is deducted for Social Security Tax and Medicare Tax. These two you can’t control, but it’s helpful to see what they are.
Subtract all the taxes from your gross pay . That is subtract federal taxes, state taxes, Social Security taxes and Medicare taxes.
Will you ever again say you make your gross pay? When you really look at all the taxes paid, what you take home is much different.
Here are two examples and tomorrow we’ll get into some meaty stuff and a real life example.