Great job, those numbers look pretty good to me. Congrats on paying off your debt!!
Does "5% to 401k" apply to both you and your wife's income? Here is an estimate, assuming that you do not have any other deductions or income...
Gross income: 175,000
401K: 5,000?
Insurance: 5,000?
FSA: 5,000
AGI: 160,000
Std deduction: 24,000
Taxable income: (AGI - std deduction) = 136,000
Tax = 19,799
If you want to change any of the numbers, for your bracket:
tax = (taxable income) x 0.22 - 8121 - (2000 x #kids)
Withholding: 19,396
I think they will withhold 22% on your bonus... maybe someone more knowledgeable can confirm.
If so: total withholding = 19,396 + (bonus x 0.22)