Overview of Virginia Taxes
This state has tax rates ranging from 2% to 5.75%. It has a progressive tax rate system with four tax brackets. Your ideal tax rate will be based on how much you earn.
The highest income tax rate is applicable for earnings above $17,000. Surprisingly, most residents in Virginia are earning this much and paying the highest tax rate (at least a part of it).
Though the state taxes are affected by income level, it remains unaffected by the tax filing status.
The residents aren’t required to pay any local taxes either. Virginia levies FICA and federal taxes besides state income taxes. FICA is a total of Medicare (1.45%) and Social Security taxes (6.2%). People making more than $200,000 wages will be paying an excess of 0.9% Medicare. The former FICA rates will be matched by the employer while the latter (excess income) isn’t matched for filing towards IRS.
However, the excess earnings for joint filers are $250,000. On the contrary, if you’re married and choose to file separately then your income level is $125,000.
Inform your employer with W-4 Form if you have any life updates – marital status change, having dependents, willing for any pre-tax contributions, etc.
Lastly, the frequency of your paycheck in Virginia also plays a crucial role in your monthly cash flow. This simply means the more frequent yet smaller paychecks make you budget differently than getting fewer paychecks but larger amounts.
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Your landlord will accept it as your evidence of income too. Moreover, businesses find it extremely convenient to generate paystubs appropriately and as desired.
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Virginia Paycheck Calculator