How to Calculate Taxes on Paycheck in Florida

Understanding Florida Paycheck Taxes

Florida is unique because it has no state income tax. However, you still need to pay federal taxes and other mandatory deductions. Here’s a detailed guide on calculating taxes on your Florida paycheck.

1. Federal Income Tax Calculation

Federal income tax is calculated using progressive tax brackets. For 2024:

2024 Tax Brackets (Single Filer)

10% on first $11,600
12% on $11,601 – $47,150
22% on $47,151 – $100,525
24% on $100,526 – $191,950
32% on $191,951 – $243,725
35% on $243,726 – $609,350
37% on income over $609,350

Note: These brackets are different for married filing jointly and head of household.

2. FICA Taxes (Social Security & Medicare)

Social Security Tax

Rate: 6.2% of gross pay
Maximum taxable earnings: $168,600 (2024)
Maximum contribution: $10,453.20

Medicare Tax

Rate: 1.45% of gross pay
No maximum limit
Additional 0.9% for income over $200,000

3. Standard Deductions (2024)

Single: $13,850
Married Filing Jointly: $27,700
Head of Household: $20,800

Example: Tax Calculation for $50,000 Salary

Step-by-Step Calculation

Gross Pay: $50,000
Standard Deduction: $13,850
Taxable Income: $36,150
Federal Tax Calculation:
- 10% on first $11,600 = $1,160
- 12% on remaining $24,550 = $2,946
- Total Federal Tax = $4,106
FICA Taxes:
- Social Security (6.2%) = $3,100
- Medicare (1.45%) = $725
- Total FICA = $3,825
Total Taxes: $7,931

4. Additional Deductions to Consider

Health Insurance Premiums
401(k) or IRA Contributions
Flexible Spending Account (FSA)
Health Savings Account (HSA)
Life Insurance Premiums
Union Dues (if applicable)

Important Notes

Florida has no state income tax
Local taxes may apply in some cities
Tax brackets are adjusted annually for inflation
Additional Medicare tax may apply for high earners
Consider consulting a tax professional for complex situations

Helpful Resources

IRS Tax Withholding Estimator: www.irs.gov/individuals/tax-withholding-estimator
Social Security Administration: www.ssa.gov
Florida Department of Revenue: floridarevenue.com