Understanding Your Paycheck in North Carolina
Your take-home pay in North Carolina is affected by several factors:
- Federal Income Tax (progressive tax rates)
- North Carolina State Tax (4.75% flat rate)
- Social Security (6.2% up to $168,600 in 2024)
- Medicare (1.45% with additional 0.9% for high earners)
- Pre-tax deductions (401(k), health insurance, etc.)
Tips for Maximizing Your Take-Home Pay
- Take advantage of pre-tax deductions like 401(k) contributions
- Consider health savings accounts (HSA) for medical expenses
- Review your tax withholding annually
- Keep track of eligible tax deductions and credits
- Understand your pay frequency and its impact on tax calculations
Common Paycheck Deductions in North Carolina
Mandatory Deductions
- Federal Income Tax
- State Income Tax (4.75%)
- Social Security (6.2%)
- Medicare (1.45%)
Optional Deductions
- 401(k) Contributions
- Health Insurance Premiums
- Life Insurance
- Flexible Spending Accounts
- Health Savings Accounts
2024 Tax Brackets for North Carolina
| Filing Status | Tax Rate | Income Range |
|---|---|---|
| All Filers | 4.75% | All Income Levels |
* North Carolina uses a flat tax rate for all income levels
Frequently Asked Questions
What is the standard deduction for 2024?
For 2024, the standard deductions are:
- Single: $13,850
- Married Filing Jointly: $27,700
- Head of Household: $20,800
How does the additional Medicare tax work?
An additional 0.9% Medicare tax applies to wages over:
- $200,000 for single filers
- $250,000 for married filing jointly
- $125,000 for married filing separately
What is the Social Security wage base limit?
For 2024, the Social Security wage base limit is $168,600. This means you only pay Social Security tax on income up to this amount.
Additional Resources
Disclaimer
This calculator provides estimates only and should not be considered as tax advice. For accurate tax calculations and advice, please consult with a tax professional or refer to official tax resources. Tax rates and brackets are subject to change, and individual circumstances may vary.