How much do they take away in taxes in Texas?
Thanks...
2007-10-23 11:32:06 · 7 answers · asked by crystal 5 in Business & Finance ➔ Taxes ➔ United States
By law, 25% for Federal income tax plus 7.65% for FICA. If your state has a statutory withholding amount for bonuses or irregular payments, add that on top. In CA, for example, 42.65% will be withheld from the bonus check. Since you're in TX which has no income tax, your employer is required to withhold 32.65% or just a hair under 1/3 of the bonus.
2007-10-23 14:00:06 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Texas Bonus Tax Rate
2017-01-09 15:19:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
ummmmm...if you give half to me you can deduct it as a gift and pay almost no tax on your half...lol
Soooo...here's the scoop, really...!
Because it is a bonus check from work, the amount of tax taken will be according to your estimated yearly income based upon your IRS W-4 you completed when taking that position originally unless changed afterwards... By Law, employees are required to make out a new W-4 each January but somehow many employers do not seem to comply. Your employer uses a federal and state chart to determine tax deductions, not a percentage formula...
Confused...? Try this then...
If your annual income is well over $50,000 a year, your bonus check will be taxed anywheres from 23% to 49%...OUCH...!
If your annual income is less than that then expect to pay about 24% to 34% in taxes...
Depending upon how many dependents you claim, my guess would be that you will pay 34% or a little less as was stated by another here... Congratulations...!
I still think gifting some to me would give you a very nice charitable deduction tho...WINK !
2007-10-23 12:24:25 · answer #3 · answered by farplaces 5 · 0⤊ 3⤋
Well you are lucky NO STATE TAX IN TEXAS!
It depends on a few factors frequency of the pay period and your deductions.
Each pay check is looked at as if that is how much you make X the number of pay periods. If you are paid monthly, the deducion would be as if you were paid 15K X12. weekly 15K times 52.
So, you can see it's going to be in high twenties!
That's just federal tax. Rembember the social security and Medicade taxes. Basically another 14%
2007-10-23 12:22:27 · answer #4 · answered by mstrobert 5 · 0⤊ 2⤋
There are no state taxes for Texas. You have to claim it for federal taxes: Line 21 (Other Income) on the 1040.
2007-10-24 12:04:42 · answer #5 · answered by Gary 5 · 0⤊ 1⤋
It depends on the employer and how they pay it out. If they issue you a regular check on a regular schedule, it would be based on the exemptions, frequency, and scale for that situation. If they pay it out like they should, as a supplemental check, then it is based on a flat rate for FIT of 28% (may have changed), plus any FICA/Medicare and applicable state taxes. It all depends on how they pay it out.
2007-10-23 12:14:49 · answer #6 · answered by T 5 · 0⤊ 3⤋
about one-third
2007-10-23 11:42:32 · answer #7 · answered by Carlos R 5 · 0⤊ 1⤋