My husband and i are moving to Houston and will be earning approx. $40,000 each, how much tax will we be paying and what will be our take home pay on a bi-weekly pay schedule?
2007-02-18 23:56:30 · 2 answers · asked by love HB 2 in Business & Finance ➔ Taxes ➔ United States
TX doesn't have an income tax. You'll pay Federal taxes only. Grab a copy of "Circular E" from the IRS website to see what your Federal withholdings will be.
If you buy a home there, be prepared for shockingly high property taxes. Since they don't have an income tax, they need to make up the shortage somewhere and property taxes is the TX tax of choice, along with a rather high sales tax rate.
2007-02-19 01:05:44 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Totally depends on how many exemptions you are claiming on your W2's, ect. By the way, there is no State tax in Texas. :)
2007-02-19 00:11:13 · answer #2 · answered by MarineMom 6 · 0⤊ 0⤋