What comes out of your paycheck, and what you get back for it.
FICA — Social Security and Medicare on your paycheckOn top of income tax, FICA takes a fixed slice for Social Security and Medicare. Your employer pays a matching share; if you're self-employed you pay both halves yourself.
Tax credits and getting a refundMost people over-pay through the year and get a refund after filing. Credits can add thousands — but several require a valid SSN and specific residency, so check before you count on them.Your pay stub decoded — and the W-4 behind itThe gap between your salary and your first paycheck is a rite of passage. Federal tax, state tax, FICA and benefits all come out — and your W-4 controls the biggest slice.