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How your Virginia Paycheck Works
How your Virginia Paycheck Works
As in all other states, Virginia employers must withhold FICA taxes from their employee’s paychecks. FICA taxes consist of Social Security and Medicare taxes. Social Security withholding is 6.2% of your income, while Medicare withholding is 1.45% of your income each pay period. Y
How you can affect your Virginia Paycheck
If you are looking to buy a home in Virginia or if you want to refinance a mortgage on a home you already own, make sure to check out our Virginia mortgage guide or important information.
Income Tax Brackets
| Virginia Taxable Income | Rate |
|---|---|
| $0 - $3,000 | 2.00% |
| $3,000 - $5,000 | 3.00% |
| $5,000 - $17,000 | 5.00% |
| $17,000+ | 5.75% |
| 1Virginia Taxable Income | Rate |
|---|---|
| $0 - $3,000 | 2.00% |
| $3,000 - $5,000 | 3.00% |
| $5,000 - $17,000 | 5.00% |
| $17,000+ | 5.75% |
| 2Virginia Taxable Income | Rate |
|---|---|
| $0 - $3,000 | 2.00% |
| $3,000 - $5,000 | 3.00% |
| $5,000 - $17,000 | 5.00% |
| $17,000+ | 5.75% |
| 3Virginia Taxable Income | Rate |
|---|---|
| $0 - $3,000 | 2.00% |
| $3,000 - $5,000 | 3.00% |
| $5,000 - $17,000 | 5.00% |
| $17,000+ | 5.75% |
Keep in mind that your paycheck frequency also plays a role in your cash flow each month. More frequent but smaller paychecks may mean you budget a bit differently than if you get fewer, larger paychecks.
Visa Cards
Do you have health and life insurance for you and your family through an employer-sponsored plan? Any premiums you pay for those are deducted from your paycheck. The same goes for your contributions to a retirement plan like a 401(k) or 403(b) via your company.
Virginia Top income Tax Rate
| County | Avg. property tax rate |
|---|---|
| Anderson County | 1.22% |
| andrews county | 1.14% |
| angelina county | 1.31% |
| angelina county | 1.31% |
| angelina county | 1.31% |
| angelina county | 1.31% |
| angelina county | 1.31% |
Understanding paychecks: Withholdings and deductions
When reviewing their first paycheck, those who are new to the workforce may wonder why their take home pay is less than their gross pay. The reason is because of taxes, withholdings and deductions such as these:
Federal income tax withholdng
Employers withhold federal income tax from their workers’ pay based on current tax rates and Form W-4, Employee Withholding Certificates. When completing this form, employees typically need to provide their filing status and note if they are claiming any dependents.
Pay Frequency
- Daily - Pay every working day. Uncommon for salaried jobs.
- Weekly - Pay each week, generally on the same day each pay period.
- Bi-weekly - Pay every other week. generally on the same day each pay period.
- Semi-monthly - Pay on specified dates twice a month, usually on the fifteenth and thirtieth. fifteenth and thirtieth.
- Monthly - Pay on a specified day once a month.
File Status
- Single - Not married, divorced, or legally separated according to state law.
- Married Filing Jointly - A married couple filing a return together.
- Married Filing Separately - If a married couple decides to file returns separately, each of their filing status should generally be Married Filing Separately.
- Head of Household - Only applies to anyone not married who has paid more than half the cost of maintianing a home for themselves and a qualifying person.
Federal tax withholding calculations
2022 Federal income tax withholding calculation:
- Single
- Daily
- Weekly
- Bi-Weekly
-
Single withholding Rates 2022
Annual Taxable income between these amounts Annual withholding Withholding additional % of income over this amount $0 - $6,475 $0.00 Plus 10% of income over $6,475 $6,475 - $11,613 $0.00 Plus 10% of income over $6,475 $11,613 - $27,363 $513.75 Plus 12% of income over $11,613 $27,363 - $51,013 $2403.75 Plus 22% of income over $27,363 $51,013 - $91,500 $7606.75 Plus 24% of income over $51,013 $91,500 - $114,450 $17323.75 Plus 32% of income over $91,500 Daily withholding Rates 2022
Annual Taxable income between these amounts Annual withholding Withholding additional % of income over this amount $0 - $6,475 $0.00 Plus 10% of income over $6,475 $6,475 - $11,613 $0.00 Plus 10% of income over $6,475 $11,613 - $27,363 $513.75 Plus 12% of income over $11,613 $27,363 - $51,013 $2403.75 Plus 22% of income over $27,363 $51,013 - $91,500 $7606.75 Plus 24% of income over $51,013 $91,500 - $114,450 $17323.75 Plus 32% of income over $91,500 Weekly withholding Rates 2022
Annual Taxable income between these amounts Annual withholding Withholding additional % of income over this amount $0 - $6,475 $0.00 Plus 10% of income over $6,475 $6,475 - $11,613 $0.00 Plus 10% of income over $6,475 $11,613 - $27,363 $513.75 Plus 12% of income over $11,613 $27,363 - $51,013 $2403.75 Plus 22% of income over $27,363 $51,013 - $91,500 $7606.75 Plus 24% of income over $51,013 $91,500 - $114,450 $17323.75 Plus 32% of income over $91,500 Bi-Weekly withholding Rates 2022
Annual Taxable income between these amounts Annual withholding Withholding additional % of income over this amount $0 - $6,475 $0.00 Plus 10% of income over $6,475 $6,475 - $11,613 $0.00 Plus 10% of income over $6,475 $11,613 - $27,363 $513.75 Plus 12% of income over $11,613 $27,363 - $51,013 $2403.75 Plus 22% of income over $27,363 $51,013 - $91,500 $7606.75 Plus 24% of income over $51,013 $91,500 - $114,450 $17323.75 Plus 32% of income over $91,500 Source: American Communities Survey 2016, U.S. Census
How to increase a take home paycheck
In general, it is wise to stop contributing towards retirement when facing immediate financial difficulty. However, depending on the severity of the financial situation, a case could be made for at least contributing as much as possible towards what an employer will match for a 401(k).
- Quarterly
- Semi-Annually
- Annually
- Married
-
Quarterly withholding Rates 2022
Single Joint Head of household Tax Rate $0 - $11,000 $0 - $22,000 $0 - $15,700 10% $11,001 - $44,725 $22,001 - $89,450 $15,701 - $59,850 12% $44,726 - $95,375 $89,451 - $190,751 $59,851 - $95,350 22% $95,376 - $182,100 $190,751 - $364,200 $95,351- $182,100 24% $182,101 - $231,250 $364,201 - $462,500 $182,101- $231,250 32% $231,251 - $578,125 $462,501 - $693,750 $231,251 - $578,100 35% $231,251 - $578,125 $462,501 - $693,750 $231,251 - $578,100 35% Daily withholding Rates 2022
Single Joint Head of household Tax Rate $0 - $11,000 $0 - $22,000 $0 - $15,700 10% -
Daily withholding Rates 2022
Single Joint Head of household Tax Rate $0 - $11,000 $0 - $22,000 $0 - $15,700 10% -
Quarterly withholding Rates 2022
Single Joint Head of household Tax Rate $0 - $11,000 $0 - $22,000 $0 - $15,700 10% $11,001 - $44,725 $22,001 - $89,450 $15,701 - $59,850 12% $44,726 - $95,375 $89,451 - $190,751 $59,851 - $95,350 22% $95,376 - $182,100 $190,751 - $364,200 $95,351- $182,100 24% $182,101 - $231,250 $364,201 - $462,500 $182,101- $231,250 32% $231,251 - $578,125 $462,501 - $693,750 $231,251 - $578,100 35% $231,251 - $578,125 $462,501 - $693,750 $231,251 - $578,100 35% Daily withholding Rates 2022
Single Joint Head of household Tax Rate $0 - $11,000 $0 - $22,000 $0 - $15,700 10% -
Daily withholding Rates 2022
Single Joint Head of household Tax Rate $0 - $11,000 $0 - $22,000 $0 - $15,700 10%
FAQ
What are the most important factors that help determine how much house I can affordFiguring out how much you can spend on a home comes down to a few key figures: How much money you earn, how much money you can contribute to a down payment and how much money you’re spending each month on other debts. When you apply for a mortgage, a lender will scrutinize every aspect of your personal finances to assign a level of risk on whether you’ll be able to pay the loan back. The more you can lower your debt-to-income ratio and increase the size of your down payment, the better.
What are the upfront costs of buying a home?Upwork will approve your profile within 24 hours. But keep in mind it can take time to land your first freelance gig.
How much income do I need to buy a $400K home?Upwork will approve your profile within 24 hours. But keep in mind it can take time to land your first freelance gig.
How can I get assistance buying a home?Upwork will approve your profile within 24 hours. But keep in mind it can take time to land your first freelance gig.
How can I get assistance buying a home?Upwork will approve your profile within 24 hours. But keep in mind it can take time to land your first freelance gig.
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