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ELI5: What exactly do the taxes being taken out of my paycheck go for? Do I have to pay all of them?
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Hello,
On my paycheck stub under the taxes category, there are multiple taxes being charged that concern me because I am not even sure what I am being taxed for. There is Fed Withholding, Fed Med/EE, Fed OASDI/EE, and IL Withholding. I do not have insurance with my employer, so something seems a bit fishy here. Out of my 260 dollar paycheck, they took 60 dollars out? Seems a bit high and excessive to me.
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