Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$24,048
Federal Income Tax
- $1,139
Social Security
- $1,491
Medicare
- $349
Total tax
- $2,978
Net pay
* $21,070
Marginal tax rate
18.4%
Average tax rate
12.4%
87.6%
Net pay
12.4%
Total tax
Total tax
Net pay
Summary
If you make $24,048 a year living in the region of Texas, USA, you will be taxed $2,978. That means that your net pay will be $21,070 per year, or $1,756 per month. Your average tax rate is 12.4% and your marginal tax rate is 18.4%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of $100 in your salary will be taxed $18.36, hence, your net pay will only increase by $81.64.
Bonus Example
A $1,000 bonus will generate an extra $816 of net incomes. A $5,000 bonus will generate an extra $4,082 of net incomes.
NOTE* Withholding is calculated based on the Texas tables of USA, income tax. For simplification purposes some variables (such as marital status and others) have been assumed. This document does not represent legal authority and shall be used for approximation purposes only.