Yearly salary 84000,4% 401K,1300yr insurance. Taking standard deduction.Married with 1 child only 1 income.?

Question

What percentage should I have taken out of salary (paid by weekly) to avoid having to pay taxes in at the end of the year

Answer 1

Assuming $84,000 annual pay or $1615 weekly you will receive a check for $1180.30 if your state income tax rate is 6%.
The following withholding would apply:

$165.30 Fed w/h
81.25 State w/h
100.13 Soc Sec.
23.42 Medicare
64.60 401k

Answer 2

Based on the information you've given, here's what we start with:

$84,000/year income
$3,360 Pre-tax 401(k) contribution

This leaves you with income of $80,640.

Here is where the "it depends" and the "if's" come in. :-)

IF you file married and jointly, your standard deduction is $10,700 and your exemptions would total $10,200 (3 x $3,400), leaving you with taxable income of $59,740.

IF you itemize, and you have more than the $10,700, you would use that which would reduce taxable income even more. This is also where you would be able to claim the $1,300 insurance deduction granted you have at least $6,300 in medical bills. Otherwise, you can't claim it as a deduction, and only the amount over $6,300 (7.5% of your adjusted income) could be claimed.

Tax on $59,740 is around $11,400.

$84,000 paid bi-weekly is $3,231 every two weeks.
Less the pre-tax dollars of $129.23 for your 401(k) deduction gives you roughly $3,100 per pay period. Regular withholding for a married person at that income level is roughly $430/period or $11,180. You're very close.

Go to www.irs.gov and use their withholding calculator to find out if you would need to adjust your allowances or not. Here's the link:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

Hope this helps!!

Answer 3

File Form W-4 with your employer. The instructions are on the form. Your employer will withhold the proper amount. Most likely you'll claim Married and 3 or 4 exemptions on Form W-4.

Answer 4

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