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Regional pay tax rate
This if for Texas based regional pilots. What percentage of your pay is taken out for taxes in Texas since you're only making 20kish first year? Does that still kick you up into the 30% or so bracket or do you pay much less? Also what health benefits do you get?
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I have no idea about state taxes, but the IRS is fairly uniform as far as federal taxes go...
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Originally Posted by ToiletDuck
(Post 90753)
This if for Texas based regional pilots. What percentage of your pay is taken out for taxes in Texas since you're only making 20kish first year? Does that still kick you up into the 30% or so bracket or do you pay much less? Also what health benefits do you get?
Medicare = 1.45% FICA = 6.20% Federal Withholdings based on table (single, assuming you gross less then ~$32k) = $782.50 plus 15% of the amount over 7,825 So, assuming you make around $25k your first year (not including per diem, it's untaxed), $363 will go to Medicare, $1550, will go to FICA, and $3350 will go to the feds. Texas has no income tax. All told, around $19,700 prior to any deductions, which would include insurance ($60-$80/month depending on coverage, just a guess), Long/Short term disability if your company offers it, and 401k deductions. I would figure, for first year, keeping 65%-70% of your gross income. That's a pretty good figure. Federal Tax Schedules |
IIRC, Texas is one of the states that doesn't have personal income tax... so all you'll have taken out is the federal withholdings.
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