Income tax question....?

Question

I am trying to figure out the gross yearly income required and tax bracket (in precentage) that would put me in for the following...
If my income was $5200 a month (AFTER the $900 a month insurance payment and after income taxes are deducted) then what would my yearly GROSS income need to be and what precentage would I pay in taxes (eg 27%) ? For tax purposes we are a family of 4 with one income.

Thank you for all your responses - I do not make this amount, so looking at my W-2 would not help - I was simply trying to figure out what our yearly gross salary would need to be in order to come out with a net income of $5200 a month. Yes I would be filing jointly as a married couple with 2 kids and yes I will take whatever deductions at the end of the year are available- but I was less concerned with that then the taxes that would be taken out of the check each month. I do not know if the health insurance is pre-taxes as it has not been deducted yet. I was looking for more of an estimate but the figures given in the answers below range too much to really answer my question. Thank you to all that tried though.

Answer 1

It depends on your filing status.

If you're Married Filing Jointly, you will need $102,139 as your Gross Income, with an average tax rate of around 23% of your taxable income. Now be careful; this is assuming that you are going to take an above the line deduction for your insurance payment; which means you will have to be self-employeed! If this is the case, you are looking at a (10,800) deduction for the insurance payment, and a (10,300) standard deduction which will leave you with a taxable income of $81,039. After an average tax rate of 23%, your net income should be $62,400; which is exactly $5,200 per month.

However, if you're not self employeed, you want to make $5,900 per month. Your Gross Income should then be $103,458. After the (10,300) standard deduction, your taxable income is $93,158. After an average tax rate of (24%) is applied to it, your net income should be $70,800; which is exactly $5,900 a month.

Word of warning, please e-mail me if you will be filing as either Head-of-Household or Married-filing-Seperately. Married Filing Jointly has the most favorable rates, and higher tax rates for the other two status types means a much higher Gross Income needed to achieve the same Net Income. Also, I intentionally left out the exemptions you may be able to use. Given that you are a family of four does not lead me to believe that you can use any exemptions. Maybe your family is composed of qualifying children/relatives; maybe it's not; I simply don't know so I can tell you for certain. So everything that i've given you numerically is certain based on the information you've given me. All numbers are conservative as always, so you can be confident that should a situation arrise in your benefit, you will have more net income left over each month if you use the following Gross Income numbers.

I hope this was helpful, Best of Luck.

Answer 2

Its tough since we are missing a little info.
Is the $900 just for insurance? Is it a pretax deduction?
The answer is also dependent on what you claim on your w-4. That could be several hundred $$ a month difference. Remember, what you have witheld and how much you owe at the end of the year are 2 different topics.
Whatever the outcome though, you are squarely in the 25% bracket, which covers taxable income from $31,850 to $77,100.
Given you are a family of four, after your standard deductions of $23,500 (and assuming you are married filing joint with 4 exemptions), you could have a taxable income of up to $100,600 and still be in the 25% bracket.

Answer 3

Nowhere near enough information to tell you. Your gross income is listed on your pay stub, just look at it. Your final tax liability depends upon too many factors that you haven't listed to make any kind of meaningful estimate.

Answer 4

look at your w-2's