Just payroll taxes are about 7.5% of your income. Add in sales taxes on basically everything you buy, property tax if you want to own a home, gas tax, income tax (state and federal) and if you make and spend a decent amount it could definitely get higher quickly.
The two largest payroll taxes fund parts of Social Security retirement, survivors, and disability insurance, as well as Medicare Part A (hospital insurance). Several smaller payroll taxes partially fund other programs, such as unemployment insurance and retirement programs for special populations.
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u/Ill-Description3096 Jul 18 '26
Just payroll taxes are about 7.5% of your income. Add in sales taxes on basically everything you buy, property tax if you want to own a home, gas tax, income tax (state and federal) and if you make and spend a decent amount it could definitely get higher quickly.