Strife2002
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Oh lawd, no.
First the basics. Your carrying capacity is measured by your Strength score. The average 1st-level human commoner has a Strength score of 10. With a Strength of 10, his light load is at 33 lbs. or less, his medium load is at 34-66 lbs., and his heavy load is at 67-100 lbs. He can also lift something as much as 100 lbs. off the ground and over his head, 200 lbs. off the ground to waist-level, and can push or drag something up to 500 lbs.
These values change depending on your physiology. The example is a Medium, bipedal creature. If instead I had used a gnome or halfling (a Small creature), they would be able to carry only three-fourths of these values, even with the same Strength score of 10. If I had used a horse with Strength 10 (a Large quadruped, and a weak one at that), these values would shoot up to x3 this amount. This table is listed in the Additional Rules section of the core rulebook.
ANYWAY, you asked about the penalties. Penalties to things don't start happening until you start carrying a medium load. When carrying a medium load, your max Dex bonus to AC drops to +3, you take a -3 check penalty to Str- and Dex-based skills (just like an armor check penalty), and reduces your speed. Carrying a heavy load reduces max Dex bonus to AC to +1, bestows a -6 check penalty to Str- and Dex-based skills, reduces speed, and reduces how far you can run.
Keep in mind that if you wear any armor that also reduces these things, you take the biggest penalty for each category, either from armor or from load. The penalties don't stack with each other.