Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$62,985
Federal Income Tax
- $6,625
State Income Tax
- $2,969
Social Security
- $3,905
Medicare
- $913
Total tax
- $14,412
Net pay
* $48,573
Marginal tax rate
36.1%
Average tax rate
22.9%
77.1%
Net pay
22.9%
Total tax
Total tax
Net pay
Summary
If you make $62,985 a year living in the region of West Virginia, USA, you will be taxed $14,412. That means that your net pay will be $48,573 per year, or $4,048 per month. Your average tax rate is 22.9% and your marginal tax rate is 36.2%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of $100 in your salary will be taxed $36.15, hence, your net pay will only increase by $63.85.
Bonus Example
A $1,000 bonus will generate an extra $639 of net incomes. A $5,000 bonus will generate an extra $3,193 of net incomes.
NOTE* Withholding is calculated based on the West Virginia tables of USA, income tax. For simplification purposes some variables (such as marital status and others) have been assumed. This document does not represent legal authority and shall be used for approximation purposes only.