Cost of Living - USVI Salaries
what would make a person have 40% taken out of their pay check for taxes?
I have no idea how one would pay 40%! I pay 14.4%, which include territory/federal income tax, medicare and social security. Those are the only three taxes we pay.
I am by no means a CPA or tax lawyer, but, depending on your income level, marrital status, number of children, whether you own or rent, own a business or not, the number of deductions you are entitled to can vary greatly. I never even look at my check, so I have no idea what percentage of my gross I pay to the gov't. My wife would know better, as I never even open my pay envelope...I just hand it over to her. That's her department. I do know that I pay a lot into the gov't because of the income level. Someone that makes $100K will pay in a higher percentage than someone that only make $20K.
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