Financial Templates for the United States

The US tax system is unusually layered: federal income tax, state income tax in most states, and Social Security and Medicare contributions all come out of each paycheck, and some cities add local taxes on top. Nine states (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) levy no state income tax on wages, though Washington taxes high capital gains and every state still collects revenue through property or sales taxes. Understanding the difference between gross pay and net pay is a practical first step, and it varies significantly depending on where you live - the state-specific guides below cover what each state adds to the federal baseline.

Healthcare costs are a major budgeting consideration in the United States. Unlike countries with universal healthcare systems, most Americans pay insurance premiums, copays, deductibles, and out-of-pocket maximums, and these costs can be unpredictable, which is where a dedicated buffer in the budget can help; the right size depends on individual circumstances. For those with a high-deductible health plan, a Health Savings Account allows pre-tax contributions of up to $4,400 for self-only coverage or $8,750 for family coverage in 2026 - the IRS documents the rules in Publication 969 and sets the limits each year.

Retirement savings in the US revolve around accounts like the 401(k), IRA, and Roth IRA, each with different tax treatment and contribution limits. For 2026, the employee limit for 401(k) contributions is $24,500, with an extra $8,000 allowed from age 50 (and $11,250 at ages 60 to 63), while the IRA limit is $7,500, or $8,600 from age 50. Many employers match part of 401(k) contributions, which effectively adds to total compensation. Tracking these contributions alongside regular income and expenses can give a clearer picture of overall financial health.

The US dollar (USD) is the currency, and the country has an enormous range of living costs - from affordable small towns to some of the most expensive cities in the world. A budget framework that works in rural Texas may need significant adjustment for someone living in San Francisco or New York. The state guides linked below can help account for these regional differences, including the tax planner pages that cover each state's income tax rules.