Pays also a mortgage 260k, married, one kid.
2007-07-24 15:32:41 · 3 answers · asked by FEDERICO S 1 in Business & Finance ➔ Taxes ➔ United States
If you just want to find out how much in taxes will come out of your paychecks per month, and figure it out that way for the year, you can use this paycheck calculator and put in all your personal info to see:
http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp
You have to put in how many allowances you are claiming on your W4 and a few other things and you will be able to see how much in general. It really looks like a huge chunk is going to come out for taxes but like Boston said, there are so many variables it is hard to say exactly at this point. Maybe consult an accountant if your yearly salary is going to be that huge!
2007-07-24 17:23:28 · answer #1 · answered by MarineMom 6 · 0⤊ 0⤋
You could be in the highest tax bracket at 35% or if you have enough deductions you may have hit the alternative minimum tax at 28%. Therefore, as mentioned we can't calculate your deductions based on the information provided. A mortgage is significant because the interest paid is fully deductible. Since you haven't provided a rate, we can't determine that number. Also, the child credit probably gets taken by the AMT if there are more deductions.
2007-07-25 00:21:29 · answer #2 · answered by derblitz 2 · 0⤊ 0⤋
That will depend upon many factors not in evidence. Would need far much more information to say.
2007-07-24 22:36:45 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋