Federal Taxes withheld in Texas?

what are taxes in texas

Hey there I'm writing out a budget for myself. yada and I need to figure the percentage of Federal Taxes deducted from my gross income. I have figured social security and medicare which is a fixed rate. But what would the formula be to distinguish the percentage held for Federal Taxes in Texas? Thansk show more Hey there

I'm writing out a budget for myself. yada and I need to figure the percentage of Federal Taxes deducted from my gross income. I have figured social security and medicare which is a fixed rate.

Answers

For 2007: Rate of federal income tax on your taxable income

Schedule X — Single

is over-- But not over-- The tax is:

$0 -- $7,825 -- 10% of the amount over $0

$7,825 -- $31,850 -- $782.50 plus 15% of the amount over 7,825

$31,850 -- $77,100 -- $4,386.25 plus 25% of the amount over 31,850

$77,100 -- $160,850 -- $15,698.75 plus 28% of the amount over 77,100

$160,850 -- $349,700 -- $39,148.75 plus 33% of the amount over 160,850

$349,700

-- no limit -- $101,469.25 plus 35% of the amount over 349,700

Schedule Y-1 — Married Filing Jointly or Qualifying Widow(er)

is over-- But not over-- The tax is:

$0 -- $15,650 -- 10% of the amount over $0

$15,650 -- $63,700 -- $1,565.00 plus 15% of the amount over 15,650

$63,700 -- $128,500 -- $8,772.50 plus 25% of the amount over 63,700

$128,500 -- $195,850 -- $24,972.50 plus 28% of the amount over 128,500

$195,850 -- $349,700 -- $43,830.50 plus 33% of the amount over 195,850

$349,700 -- no limit -- $94,601.00 plus 35% of the amount over 349,700

Schedule Y-2 — Married Filing Separately

is over-- But not over-- The tax is:

$0 -- $7,825 -- 10% of the amount over $0

$7,825 -- $31,850 -- $782.50 plus 15% of the amount over 7,825

$31,850 -- $64,250 -- $4,386.25 plus 25% of the amount over 31,850

$64,250 -- $97,925 -- $12,486.25 plus 28% of the amount over 64,250

$97,925 -- $174,850 -- $21,915.25 plus 33% of the amount over 97,925

Source: answers.yahoo.com

Category: Taxes

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