MEETING COLLEGE EXPENSES:
A Guide for Seeking
Financial Assistance

Table F: State and Local Income Tax Payments
Table G: Monthly Social Security Tax (FICA)
&
Table H: Monthly Allowance for Living Expenses

Table F: State and Local Income Tax Payments *

Example

Average Monthly Salary

State and Local
Tax Rate

Estimated Monthly
Tax Payment

$ 3,000

X

6.0 %

=

$ 180.00

* Payments for state and local income taxes vary for each state and range from 0% to 7%.
It is recommended that a 6% state and local tax rate be used to calculate an estimated monthly tax payment.
The State of Texas currently has not state or local income tax.

Table G: Monthly Social Security Tax (FICA) **

Example

Average Monthly Salary

FICA
Tax Rate

Estimated Monthly
FICA Tax

$ 3,000

X

7.65 %

=

$ 229.50

** The Social Security Tax per month is the lesser amount of $ 250.25 (which is the maximum monthly
Social Security Tax, or your monthly salary, before taxes, times .0765.

Table H: Monthly Allowance for Living Expenses ***

Student's
Family Size

Monthly Allowance for
Living Expenses

1

$ 965

2

$ 1,296

3

$ 1,709

4

$ 2,040

*** The Allowance for Living Expense estimates the monthly cost of goods, housing, transportation, clothing,
personal and medical care, and other basic expenditures. The figures are based upon a 1998 survey of the
College Board for Dallas, Texas. These budgets will vary by geographic location.

 

Table A

Table B

Tables C

Tables D and E

Table I

Table J

Budgetary Tables Master Directory

FA Guide Beginning

FA Guide End

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Last update: February 16, 2007