1. What is This Tax Calculator?

This calculator estimates your 2024 federal taxes and FICA contributions for Austin, Texas residents. Note: Texas has no state income tax, and the rodeo schedule doesn't affect tax calculations.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Federal Tax — Calculated using 2024 IRS tax brackets
• FICA — Social Security (6.2% up to wage base) + Medicare (1.45% + 0.9% for high earners)

3. Understanding Your Tax Breakdown

Details: Your total tax burden consists of federal income tax (progressive rates) and FICA contributions (flat rates with some caps).

4. Using the Calculator

Tips: Enter your gross annual salary and select your filing status. The calculator will estimate your federal tax and FICA contributions.

5. Frequently Asked Questions (FAQ)

Q1: Why doesn't this include Texas state tax?
A: Texas doesn't have a state income tax, so only federal taxes and FICA apply.

Q2: Are these calculations exact?
A: This provides estimates. Actual taxes may vary based on deductions, credits, and other factors.

Q3: What about the rodeo schedule mentioned in the title?
A: The rodeo schedule doesn't affect tax calculations - it's just part of Austin's local events calendar.

Q4: Does this include local taxes?
A: Austin doesn't have local income taxes, though property and sales taxes apply separately.

Q5: How often should I recalculate?
A: Review whenever your income changes significantly or at least annually as tax laws update.