When setting a budget, how do i know what percentage of taxes to take out?

Question

I'm trying to set up my budget and it asks for with holdings. I'm paid hourly so it's different every paycheck so what (average) percentage should i use?

Answer 1

10% Minimum.

Answer 2

Take two or three of your paychecks - take your net pay divide by your gross.  That will give you the %'age you are taking home.  It should be similar even if you are hourly.  Then you will be able to see what %'age you are having deducted from your check.

Answer 3

Figure the average from your pay stubs.  Any generic average is useless to you since there are too many variables that affect your tax liability.

Answer 4

20% is a good rough estimate.