Hey You,
Getting ready to reenlist in the navy for around 21k. I claim PA residency s I won't pay state taxes but I was wondering how much would be taken for federal tax. And how much I could be looking to get back on my tax return for the year after I reenlist. Thanks for any help. I am married and claim 1 exemption

I do not have enough information to answer your question.

Need to know HOW MUCH the bonus is for 2006 AND how much your total income was for 2006.

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Originally Posted by AtlantaTaxExpert

I do not have enough information to answer your question.

Need to know HOW MUCH the bonus is for 2006 AND how much your total income was for 2006.

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I won't be getting the bonus until 2007 I'm trying to figure on how much I'm going to have left after the government takes there cut. The bonus will be $21722.45 and my total income for 2006, taxable, was $20745.81, nontaxable and taxable combined, 35454.98.
Thanks for your help and if you need any more info please let me know.
TM3

The normal withholding on a lump is 30% for income taxes, 6.2% for Social Security taxes, 1.45% for Medicare, the whatever is the norm for your STATE withholding taxes.

Rule of thumb: Expect to get about 60%.

Quote:

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Originally Posted by AtlantaTaxExpert

The normal withholding on a lump is 30% for income taxes, 6.2% for Social Security taxes, 1.45% for Medicare, the whatever is the norm for your STATE withholding taxes.

Rule of thumb: Expect to get about 60%.

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OK my state, PA, doesn't have state tax for military. Will I be able to get some of that back on my my 2007 return. Thanks

If you have a tax exemption from PA because of your military status, then you should get ALL of your withheld PA taxes back.

You should then got to finance and have yourself EXEMPTED from withholding of PA taxes.