I've been working on commission and it is time to pay my socail sercurity, federal, and medicaid deductions.
2007-05-24 05:29:59 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You will have to file quarterly.
Your federal tax is based on income and exemptions and you will have to consult the tables. It ranges from about 10% to 35%.
The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
2007-05-24 05:36:17 · answer #1 · answered by Barkley Hound 7 · 1⤊ 0⤋
Those have nothing to do with being in Texas, they're federal and are the same in all states.
Social security and medicare total 7.65%, and if you're an employee, your employer pays a matching amount. If you are an independent contractor, then you pay both halves, or 15.3%.
You federal income tax depends on your total income, and on your personal situation, so no way to answer that from the info you give. Could be anywhere from zero to almost 35%.
2007-05-24 05:57:16 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The state of Texas does not have income tax. It is only federal income tax removed from your income.
2007-05-24 05:32:12 · answer #3 · answered by Blunt Honesty 7 · 0⤊ 0⤋
What is the question?
2016-04-01 05:58:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
http://www.adp.com/rc_calculators.asp#
Check that out
2007-05-24 05:32:54 · answer #5 · answered by Jorginity 2 · 0⤊ 0⤋