Maine has a progressive income tax system with rates ranging from 5.80% to 7.15%. The state has a high standard deduction that helps low- and middle-income Mainers at tax time. No Maine cities charge a local income tax.
In Maine, similar to all other states, a portion of your earnings is subject to withholding for FICA taxes. These taxes are crucial, as they contribute towards the Social Security Tax and Medicare systems, enabling you to access their benefits during your retirement. During every pay period, your employer will deduct 6.2% of your earnings for Social Security taxes and 1.45% for Medicare taxes. Additionally, your employer will match this withholding amount. However, if you are self-employed, you must withhold twice as much from each of your paychecks.
Furthermore, you may owe the Additional Medicare Tax, a 0.9% surcharge applied to certain types of income. If your filing status is single, head of household, or qualifying widow(er), any earnings exceeding $200,000 will be subject to this 0.9% surtax without any matching contribution from your employer.
Important Note: The Stubcreator provides a paycheck calculator designed to provide essential guidance. This should not be relied upon to calculate exact taxes, payroll, or other financial data. You should seek a professional accountant regarding any particular requirement.
If your gross pay is $71,139.00 per year in the state of Maine, your net income will be $52,709 after tax deductions of 25.91% (or $18,429.95). Deductions include a total of 11.83% (or $8,418.68) for the federal income tax, 6.42% (or $4,569.13) for the state income tax, 6.20% (or $4,410.62) for the social security tax, and 1.45% (or $1,031.52) for Medicare.
Below mentioned are the details of Maine:
The Maine paycheck calculator computes your net pay based on factors like gross wages, tax withholdings, deductions, and exemptions. It considers Maine state income tax, federal income tax, FICA (Social Security and Medicare taxes), and other applicable taxes and contributions.
To use the Maine paycheck calculator effectively, you'll need details such as your gross wages (before taxes), pay frequency (e.g., weekly, bi-weekly), filing status (single, married), allowances, and any additional deductions or contributions you wish to include.
While the paycheck calculator aims to provide accurate estimates, it's essential to note that it serves as a tool for approximation. Factors like changes in tax laws, individual circumstances, or other variables may affect your actual paycheck. For precise calculations, consult with a tax professional or refer to official tax documents.