How much income tax would I pay living in Austin, Texas if I earned $50,000 a year?

You will pay the same Federal Income Tax regardless of where you live. If you are talking about state taxes, as an individual, there is no state income tax. Unless, you have a Schedule C subject to the new Margin Tax.

Just the federal tax.

Texas does not have a state income tax.

It is hard to tell. Do you have health insurance and 401k deducted? Those reduce your taxable income.

First of all you have a personal exemption of $3500 and a standard deduction of $5450 for 2008.

This means your taxable income is $41050.

You pay 10% of the first $8025 or $802.50
You pay 15% of the next $24525 or $3678.75
You pay $25% of the next $8500 or $2125.00

Your total income tax is $6606.25.

Don't forget you pay Social Security taxes and Medicare taxes of totaling 7.65% of your earnings. That would be $3825.

That would depend on how many deductions and tax shelters you have. It would be a good idea to consult a tax adviser on this.

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