Justin Moore makes $515 per week. He is married with three children. He pays $37.50 each week for medical coverage. He puts in 3% of his weekly pay to his 401K retirement plan. His state’s income tax is 6.25%. According to the federal government he needs to pay $2.00 in federal taxes each week. The state government wants him to pay $8.00 in state taxes each week. How much money will he bring home each week in his paycheck?

When you get hired on at a job, you will be asked whether you are single or married and whether you have any children.  Why would that be important?  Because the number of people in your family that you are supporting will affect the amount of taxes (federal, state, Medicare) that are taken out and the amount of the medical insurance premium to cover the entire family.  It does not change the amount a person chooses to have put into a retirement savings plan such as a 401K or the amount of percentage of social security tax and Medicare tax.