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Is there a way??

December 12th, 2023 at 02:01 am

Is there a way to work out how much tax we would probably owe (US) it is only federal taxes...just not sure where to find it...any help would appreciate it

4 Responses to “Is there a way??”

  1. mumof2 Says:
    1702353024

    Thankyou for that will use it now..appreciate it

  2. Lots of Ideas Says:
    1702395665

    Unless you are using credits like daycare, Healthcare Spending Account, tuition - which I think you are not- determining what you owe in taxes is easy.
    this is based on married, filing jointly.

    You start with your gross US income.
    Subtract the standard deduction - if filing jointly, $27,200.
    That is yor adjusted gross income.
    You owe 10% tax on the first $22,000 or $2200.
    You owe 12% on the amount between $22,001 and $89,450(if you made less than $89,450 subtract $22,000 from gross income. Otherwise use $67,450. multiply by 12%. Add that to the $2200 to determine what you owe.)
    You owe 22% on the amount between $89451 and 190,750.(If you made less than $190,759, subtract $89,450 from your gross income. If you made more than $190,750, use $101,300. Multiply by 22%.Add to the amount you calculated above. That’s what you owe)
    There are higher rates, but I think this will cover you.

    Details are here

    https://taxfoundation.org/data/all/federal/2023-tax-brackets/

  3. Lots of ideas Says:
    1702417611

    Roth IRA contributions are made post tax, so they don’t affect what you owe in income tax - you pay the tax before you deposit. Then when you withdraw, there is no tax either on any of the withdrawal - both your contribution or any gains.

    If you use a traditional IRA, you put that in pre tax. You save money in th current tax year, but when you withdraw you pay taxes on both what you contributed and on he gains.

    For traditional IRA, HSA, solar tax credit you start with your gross income. Then subtract your IRA, HSA, and solar credit from that. This lowers your gross income. Then apply the tax percents to that number.

  4. mumof2 Says:
    1702426281

    lotsofideas Does that income include social security as he has 2 incomes from ovr there...or do we add them all together??

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