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For Federal tax purposes, severance pay and settlement compensation are taxable. Payments for any accumulated vacation or sick time are also taxable. You should ensure that enough taxes are withheld from these payments. These would be taxed in the same manner as your other wages, simply added to Line 7 on the Form 1040. The actual amount of tax you pay would depend on your other income. The rates range from 10% up to 39.6%, depending on your filing status and other income and deductions are.
The good news is that because you live in Texas, there is no state income tax! So the only tax you pay would be Federal.
You can go to several different websites to estimate what your tax liability. This one is a good and simple one. http://www.calcxml.com/calculators/federal-income-tax-calculator
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In Texas, there is no state tax, so there
Will I be taxed Fica and Medicare?