Approximate tax burden
Dec 22nd 2009, 10:51 am
#1
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Approximate tax burden
Grateful for anyone who can provide an approximate guide for the all-in tax/socsec burden (Federal and State) for a salary of around $200k based in Washington. Thanks
Dec 22nd 2009, 11:21 am
#2
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Re: Approximate tax burden
I'm assuming state due to you mentioning "state" above.
Some cities have additional income taxes, so we'd need to know that information to help you.
Then remember other taxes - eg sales, property.
Try:
http://www.paycheckcity.com/NetPayCa...calculator.asp
Dec 22nd 2009, 1:05 pm
#3
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Re: Approximate tax burden
Pretty much impossible to accurately predict unless you post a lot more information about any tax credits and/or write offs you are eligible for, any pre-tax deductions that will come out of your pay, your tax status (single, married, married filing single), your deductions and as said, what the tax situation is like in the city you will be living in. It's not as easy to figure out as you might think. Figure 50% and then anything less will be a bonus and anything more won't be too much of a shock!
Dec 22nd 2009, 5:13 pm
#4
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Re: Approximate tax burden
BTW, IIRC Washington State has no state income tax. However, expect to pay higher property and sales taxes.
Dec 22nd 2009, 6:10 pm
#5
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Re: Approximate tax burden
Pretty much impossible to accurately predict unless you post a lot more information about any tax credits and/or write offs you are eligible for, any pre-tax deductions that will come out of your pay, your tax status (single, married, married filing single), your deductions and as said, what the tax situation is like in the city you will be living in. It's not as easy to figure out as you might think. Figure 50% and then anything less will be a bonus and anything more won't be too much of a shock!
Dec 22nd 2009, 6:56 pm
#6
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Re: Approximate tax burden
Since Washington state does not have an income tax, use the following federal income tax calculator to determine the amount of federal income tax you will likely pay. If you have over $5,700 ($11,400 if married filing jointly) of deductions (home interest, property taxes if you own a home, local taxes, etc.), your taxes will be less.
Besides that amount, you will pay 6.2% for social security tax on the first $106,800 of income (maximum $6621.60) plus 1.45% on the full income for medicare tax. These taxes are referred to as FICA and you may be able to pay NI instead of FICA if you choose.
When using the tax calculator, select your filing status and exemptions.
http://www.dinkytown.net/java/Tax1040.html
Besides that amount, you will pay 6.2% for social security tax on the first $106,800 of income (maximum $6621.60) plus 1.45% on the full income for medicare tax. These taxes are referred to as FICA and you may be able to pay NI instead of FICA if you choose.
When using the tax calculator, select your filing status and exemptions.
http://www.dinkytown.net/java/Tax1040.html
Dec 22nd 2009, 7:39 pm
#7
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Re: Approximate tax burden
