my husband has a small monthly retirement stipend of 922.00. how much will the feds take from me in taxes?
2006-10-02 17:53:36 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The first question would be the source of the pension to determine it's taxability. If both you and your husband us standard deductions and all of your income is taxable you will have a tax liability of $678 assuming that you have no other deductions or credits. That will require about $57 a month in withholding.
2006-10-02 18:05:53 · answer #1 · answered by ? 6 · 0⤊ 0⤋
Do any of you collect social security? Is he over 65?
There are in general 9 elements in a federal income tax return.
1.Filing Status
2.AGI
3.Minus Deduction
4.Minus Exemption
5.Equal to Taxable Income
6.TAX is base on taxable income
7.Minus Credit
8.Minus Payment
9.Equal Tax due/ Refund
2005 federal 1040 ez
1) married filing joint
2) $15,300
3) -$10,000.00
4) -$6,400.00
5) -0-
6) -0-
7) ?
8) (EIC) none (withholding) ?
9) refund ?
Best guess for 2006, you should not be tax on anything but your earn income credit is something you you look into. The bar for married joint is 13,750.00, you are very close to that amount.
2006-10-03 12:00:26 · answer #2 · answered by Kenshin 5 · 0⤊ 0⤋
Assuming that you have no other income (interest, dividents etc), both of your pays stay the same the entire year and if your filing status is Married Filing Jointly, your federal income tax would be $638 for the year.
However, if any part of his retirement check is tax exempted. The amount you owe for federal income tax would be less than $638.
Best wishes.
2006-10-03 00:58:12 · answer #3 · answered by JQT 6 · 0⤊ 0⤋
Why not just file and see? You have to anyway and variables can change what anyone tells you here.
2006-10-03 01:11:45 · answer #4 · answered by ? 3 · 0⤊ 0⤋