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If someone in houston, tx is making about $55k usd per year and has no dependents to declare then how much will they make annually after deductions? 18.5% or 20% taken off their paycheck?
It would also depend on whether or not they have setup any form of tax-strategy [to legally lower their taxes].
The OP mentioned FICA, I have had some co-workers who simply had never applied for a Social Security account. And I have had co-workers who did the forms to revoke their Social Security accounts. [in fact it was among my duties to file their forms and to interface with the SSA on their behalf].
It would also depend on whether or not they have setup any form of tax-strategy [to legally lower their taxes].
The OP mentioned FICA, I have had some co-workers who simply had never applied for a Social Security account. And I have had co-workers who did the forms to revoke their Social Security accounts. [in fact it was among my duties to file their forms and to interface with the SSA on their behalf].
I’m not sure anyone should fall into a tax advice or strategy trap that you discuss as it’s often questionable. Your coworkers would have to have some very unusual circumstances to legally avoid fica.
If someone in houston, tx is making about $55k usd per year and has no dependents to declare then how much will they make annually after deductions? 18.5% or 20% taken off their paycheck?
Depends on how you are identifying "deductions".
Do you mean:
1. Federally mandated deductions such as FIT and FICA?
2. State mandated deductions?
3. Company Optional Deductions such as medical insurance, HSA, savings and investment vehicles?
4. Court ordered payments to be withheld such as child support arrears or current payments?
If someone in houston, tx is making about $55k usd per year and has no dependents to declare then how much will they make annually after deductions? 18.5% or 20% taken off their paycheck?
You can easily calculate this yourself.
Paycheckcity.com
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