Including all federal, state, and other taxes. In San Mateo, CA, married, 2 exemptions.
2006-07-11 06:45:50 · 11 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Assuming that your $90k is paid equally over semi-monthly ($3750 twice a month) pay periods:
Federal withholding - $573 per check, $1146/month
Social security tax (6.2%) - $232.50 check, $465/month
Medicare tax (1.45%) - $54.38 check, $108.76/month
CA state tax - $151 check, $302/month
CA SDI (1.08%) - $40.50 check, $81/month (maximum $857.71 for the year)
These amounts are per pay check and would change slightly if you were not paid semi-monthly. The federal and state withholding amounts are based on the withholding tables provided by the IRS and FTB. They also may vary slightly if your payroll provider uses a different method to calculate withholding.
If you have additional questions, please feel free to email
taxquestion@1040financial.com. We are a California based income tax, bookkeeping and financial services provider and would be happy to answer your questions for free.
2006-07-11 08:30:33 · answer #1 · answered by Cat 2 · 2⤊ 0⤋
If you are single, expect to pay about 1/3 into taxes and social security to the Federal Government. If you are married with one or two kids, that amount can go down to about 20%. Add another 10% if you have to pay state/local taxes.
You can get better information at http://www.paycheckcity.com.
2006-07-11 06:52:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you makew $90K, get an accountant and/or tax attorney. The answer will change after you talk to them.
2006-07-11 13:58:55 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Depends on how much is tax exempt, deductions, exclusions. Invest in your 401k, buy a house, buy some energy efficient windows, send your children to day care, take some work related courses, etc., then render unto Caesar what is Caesar's.
2006-07-11 06:54:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
dude:: you mean you make 90k and you don't have a conceptual idea of how much tax you pay??? come on!! doesn't your company have L&E STATEMENTS?? dont you look over your pay stubs for accuracy?? maybe someone else you know makes that king of money and you just want to be nosy??????????
2006-07-11 06:53:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
1.45% medicare
6.2% social security
28% federal withholding or 10% of excess over $344.00 state and local is tough...im not from ca so i dont know the rates...im from fl and we dont pay state or local
btw...i do payroll for a living so the figures above are accurate but are also based on married claiming 2 on a biweekly basis
2006-07-11 06:54:16 · answer #6 · answered by cookiesmom 7 · 0⤊ 0⤋
That's not enough info. Please list how often you are paid and is the 90k salary per month or per year?
2006-07-11 06:50:24 · answer #7 · answered by 1big teddy graham 4 · 0⤊ 0⤋
I would suggest you email Kenneth R Hess, M.B.A., L.L.C. ..he is a friend of mine and will calculate it FREE for you...he can do any state....his email is www.knhess@yahoo.com ...for specifics he is on www.superpages.com in md and pa...but he can do any state..and he can just run it through his software and tell you...his md phone is 240-529-6786 for voicemail messages...he will get back to you..and he will give you an estimate for FREE...he does it for people all the time.
2006-07-11 07:25:32 · answer #8 · answered by williamjones101 1 · 0⤊ 0⤋
What, is this a test?
Go to the CA state website and get a W4 form and instructions and do the calculation yourself.
2006-07-11 06:50:49 · answer #9 · answered by lunatic 7 · 0⤊ 0⤋
Good rule of thumb is 10% of each paycheck.
2006-07-11 06:48:10 · answer #10 · answered by redchili68 4 · 0⤊ 0⤋