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    hoch1234's Avatar
    hoch1234 Posts: 3, Reputation: 1
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    #1

    Jan 29, 2013, 01:12 PM
    Taxes taken from pension check
    Is there a suggested amount of taxes to be taken out of pension check when u claim single and no dependents check will amout to $4000 per month
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    Jan 29, 2013, 01:21 PM
    Depends on what other income you may have - investments, other wages, etc. - and what deductions or credits you may be entitled to. But if your total income is from this pension - amounting to $48K/year - and you don't itemize then your total federal tax bill will be about $5600/year. If you have them withhold about $470 per month for federal taxes, or 12% of the payment, you would be fine. Don't forget about any state/local income tax you may have to pay as well.
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