@johnhooks said:
No one would think that's reasonable. Around here, you can figure around 80% is take home, until the next tax bracket.
Unless you plan on making triple what you make now, the "next" nominal bracket is the 28% one. And that rate is only for the money made after that threshold. I'm deep into that bracket.
http://www.forbes.com/sites/kellyphillipserb/2014/10/30/irs-announces-2015-tax-brackets-standard-deduction-amounts-and-more/#1425d2006f71
Let's break down what someone should be seeing in a paycheck. To make this simple, let's assume state income tax out of the equation, because they vary from flat 3.75% in Illinois, a progressive scheme of up to 5.25% in Oklahoma to 0% in Texas. We will also assume you work for a company, so standard W2 wages and we will assume they are cheap ass bastards who went "hurr durr obamacare" and refuse to offer health insurance. Medicare is 1.45% flat, no matter how much you make. FICA is 6.2% up to $118K, then it's nothing. Federal taxes are a progressive tax system, from 10% up to 39.6%. Consult your local tax professional for more info.
If you are making $40K flat, single, taking the standard deduction, your AGI would be ~34K. $2480 would go to SS, $580 would go to Medicare. The 34K would put you in the 15% tax bracket, 10% up to $9K then 15% on the rest, $3716, for $4638 total. If you set up your W4 correctly, you should have ~$620 a week net on $769 gross, or 19%.
These calculations change with your situation. I make a lot more than $40K, my tax deduction is 24% per paycheck with an effective rate of around 19% after all my deductions and such.
If you ever hear people quoting some crazy numbers on taxes, always break it down on them to find out exactly what they are getting. You will find that most people are talking out their ass.