If I live and work in Sugarland, Texas (Fort Bent County near Houston) and make $61,000 annually, how much should I expect each pay check (bi-weekly) after all applicable taxes? I would be filing as single, with no deductions (the option that takes out the most taxes). How do you arrive at the figure and where can I get this information online?
2006-10-12 14:26:19 · 3 answers · asked by iamstidi 1 in Business & Finance ➔ Taxes ➔ United States
Texas has no state withholding, so you only have federal tax to worry about.
The tax withholding will depend on your W4, i.e. your filing status and number of withholding allowance.
Assuming that you only have 1 allowance on your W4, and your are resident of the US (not filing 1040 NR):
Your bi-weekly check before tax withholding is $2346.15.
Subtract one allowance withholding $126.92 that leaves $2219.23 eligible for tax withholding.
Your tax withholding is $156.55 + 25% of the amount exceeding $1240.
Your tax withholding per check is $401.36.
Best wishes.
2006-10-12 20:31:58 · answer #1 · answered by JQT 6 · 0⤊ 0⤋
I really didn't come here to tell you where you can find the info,,, no offense, and perhaps you're worth 61 K a year, but I can suggest this, and you can do the math.
In a general sense you are likely in a tax bracket that's 25% to 33%.
Steven Wolf
An extreme example would be people who win Lotteries are immediately in a 50% tax bracket.
2006-10-12 14:36:38 · answer #2 · answered by DIY Doc 7 · 0⤊ 1⤋
use a tax chart. it calculates everything for you.
2006-10-12 14:28:54 · answer #3 · answered by keith 2 · 0⤊ 0⤋