 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
How much tax will I be paying?
Hello,
I have an offer of $100K in a California based company. I wanted to know how much tax will I end up paying yearly so that I can figure out what will be my take home salary. I am married but my wife is not working currently. Also suggest me under which head( married filing jointly, married filing single etc) should I be filing my taxe return to save tax. |
||||
|
||||
|
I can give you a rough estimate for taxes, but remember that there are other deductions that will reduce your take home even further - such as medical, dental, and 401(k) plan contributions.
Taxes would include: 1. Federal income tax - about $13K/year 2. CA State income tax: about $6K. This assumes you live or work in CA - you said the company is "California based," so I assume that's where you will be living. 3. FICA (social security & Medicare): about $5800. These numbers may all be affected if you contribute to a 401(k) or medical/dental. It is almost always best to file as Married Filing Jointly, as opposed to filing separate. Exceptions typically occur if one of you has very high medical or other deductions. It's always recommended to run the numbers both ways and see which works best for you. |
||||
|
||||
|
Thanks a lot ebaines for such a detailed reply. I would be working and living in California. You have mentioned that the take home will also be affected by 401(k) and medical/dental. Could you tell me what's the minimum percentage that I need to contribute towards 401(k) (again so that I can maximize my take home). Also when you said medical/dental, were you referring to the annual premiums for the same.
|
||||
|
||||
|
401(k) contributions are whatever you want them to be, from $0 up to a max of $16.5K/year. This is savings for your retirement and the general recommendation is to try to contribute 10% if you can, but if not try to contribute at least the percentage that your company matches.
Medical/dental means the employee contribution to the company's medical and/or dental plans. The premiums depend on your company's plan. You can ask he HR department about it. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Hi, I am working in the UK currently. The way I understand the international tax treaty between UK and US is that the US IRS will take the x amount tax paid in the UK and will calculate my US tax: Gross income (converted to $ and thus y% US tax bracket) - x amount tax pd = US %/amount tax due? ...
Hi,I have been having green card for the last 24year,since 2001 I have working outside usa with a charitable hospital as a consultant but visiting my wife and kids after every five months who live in atlanta and are us citizen.I have been filing my taxes since I arrived in usa in 1985.I have been...
I received my social security statement and my income for the cuurent year was not correct. I had two separate W-2s from the same employer (changed payroll co.s), one W-2was not reported. My boss is a little on the "shady" side. He has failed to pay health insurance premiums causing lapses and...
I know a lady who owns a cell phone store. But she doesn't sell cell phones, she sells airplane tickets, food, phone cards, and MANY more things I don't know about! I know for sure that she is doing it so she only pays tax once, for the cellphone store. She also sells videos. I'm really mad about...
My wife babysits for our son. She will earn 400 per month. She is 6 quarters short on her retirement needed of 40. How can we report these new earnings to IRS so she can receive the credit for the quarters she is working. I have googled everything and can not find this answer. THANKS Jim
View more questions Search
|
