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From Taxes to Deductions, Where Is My Paycheck Going?

Have you ever looked at your paycheck and wondered why the amount you are taking home is actually less than the total amount you earned? With the help of MoneySKILL®, we outline how certain taxes and other pay deductions decrease the amount you are actually seeing go into your bank account.

State and local income taxes: In addition to federal and/or local income tax(s), 41 out of 50 states charge some type of state tax on income. Typically this tax is progressive, which means the tax rate increases as your income increases. Taxes paid to local and state governments are deductible items when figuring federal income taxes. That means your state income tax can be deducted from your gross income when you calculate your taxable income.

Social Security taxes: Approximately 6.2% of your earnings under $113,700 goes to pay for the Social Security checks you will get when you retire. In addition to the 6.2%, 1.45% of your pay is taken out to pay Medicare health insurance, which covers your medical expenses when you are over 65-years-old. The Social Security and Medicare health insurance tax is added together to equal 7.65%, and matched by your employer. This means if you make $50,000 per year you multiple that by 7.65%, and then double it, you will get the total amount you are paying per year ($7,650). It is important to note that in 2013 single taxpayers earning more than $200,000 per year and married taxpayers earning more than $250,000 per year must pay an additional nine-tenths of one percent for Medicare.

Deductions for health insurance: While not required, typically health insurance is offered by the company you work for if the company has over fifty employees. Companies offer various levels of health insurance to attract and keep good employees since it is cheaper for your employer to provide you with the health insurance then for you to purchase your own individual plan. Your marital status and number of dependents you have will determine your co-pay and various deductibles (you can find more specific examples in the MoneySKILL® module).

Deductions for life insurance: Just like health insurance, life insurance is typically offered by employers as well through payroll deductions. Younger individuals may not see the importance of this, but individuals who are married and have children need to know their dependents will be taken care of should they pass away.

Deductions for retirement: There are multiple ways you can save for retirement. Typically employers offer their workers some type of retirement savings account. Each pay period, the employer will deduct a certain percentage of your paycheck (which you have agreed upon) and put it in a retirement savings account in your name. The types of retirement savings accounts have various names; 401k is most popular. Typically an employer will match or partially money you put into this account. For example, here at Mariner Finance we  match employee’s contributions into their 401K 100% up to 3% contributed  and 50% up to 5% contributed.

Other deductions: This could possibly be your parking fee or a charity you can agree to donate to.

Mariner Finance is committed to giving consumers the information necessary to make smart financial decisions. By teaming up with the AFSA Education Foundation, we are able to offer MoneySKILL®—an easy, online program to help consumers understand their finances better. Sign up today!

Blog posts are for informational purposes only.

†We offer personal loans from $1,000 to $25,000, with loans terms from 12 to 60 months. Minimum and maximum amounts dependent on an applicant’s state of residence and the underwriting of the loan. Loans between $1,500 and $15,000 may be funded online. Loans greater than $15,000 or less than $1,500 are funded through our branch network. Specific interest rates and fees are determined as permitted under applicable state law and depend upon loan amount, term, and the applicant’s ability to meet our credit criteria, including, but not limited to, credit history, income, debt payment obligations, and other factors such as availability of collateral. Not all rates and loan amounts are available in all states. Additional fees may apply to some loan offers; some state required and/or permitted fees may be treated as prepaid finance charges. Any such charges shall be in addition to the loan amount requested and/or approved and shall be fully disclosed to the applicant on his/her loan agreement. Not all applicants will qualify for the lowest rates or larger loan amounts, which may require a first lien on a motor vehicle not more than ten years old titled in the applicant’s name with valid insurance. Our loan by phone and online closing process requires a compatible mobile or computer device on which you can access your email and electronic documents. Not all loan types are eligible for loan by phone or online loan closing.


To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. As a result, under our customer identification program, we must ask for your name, street address, mailing address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.


For any stated annual percentage rate (“APR”), the APR represents the cost of credit as a yearly rate and will be determined based upon an applicant’s credit at the time of application, subject to state law limits. A range of APR’s may be applicable, subject to state law limits and individual underwriting. Not all applicants will qualify for a lower rate. APR’s are generally higher on loans not secured by a vehicle, and the lowest rates typically apply to the most creditworthy borrowers. All terms and conditions of a loan offer, including the APR, will be disclosed during the application process. As an example, with an amount financed of $5,000.00 the borrower receives $5,000.00 at an APR of 29.99% and an interest rate of 28.77% which includes a finance charge of $3,640.96. Under these terms, the borrower would make 48 monthly payments of $180.02, for a total of payments of $8,640.96. The amount financed may not be the net proceeds paid if charges other than interest are included in the loan.


*The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.



California Residents: Loans made or arranged pursuant to a California Financing Law license.

VA Residents – Mariner Finance of Virginia, LLC, Licensed by the Virginia State Corporation Commission, Consumer Finance Company License No. CFI-114.


Mariner Finance, LLC, NMLS No. 166564 (
8211 Town Center Drive, Nottingham, MD 21236. Telephone Number 877-310-2373.

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