In texas, if my gross income is $120 a paycheck, and i have about 2-3 dependents, what would the net pay be?
there is no state tax here.
Answer:
At that rate, you will not have much (if any) state and federal income tax with held, however Social Security tax is 6.2% + 1.2 % (medic)with heldmatched by your employer so You can expect about $110
i would think maybe $95
To be conservative, you can expect your withholding to be about 25% of your check, which would give you $30 and leave you with $90. You can always increase your witholding to I believe a max of 7 dependents. You will have to check with your workplace however. Hope this helps.
Well TX has no state income tax so you'll only be taxed by Uncle Sam.
Now, there are two main taxes you'll need to worry about.
FICA a.k.a Social Security and Medicare
Federal Income Tax.
FICA is 6.2% for SS and 1.45% for Medicare = 7.65%
Federal Income Tax will be determined by how much income is being declared. If you were the sole earner then I would safely say you'll have no federal tax liability. The tax rates go anywhere from 0%(even less if you may get a tax credit) to 35%. That's on top of the FICA.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: