Regional pay tax rate
12-11-2006, 05:51 AM
#1
Che Guevara
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Joined APC: Aug 2005
Posts: 6,408
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?
12-11-2006, 06:22 AM
#3
Gets Weekends Off
Joined APC: Nov 2005
Posts: 1,425
Originally Posted by ToiletDuck
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
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