Category | Monthly | Comments | Annual |
Salary/Wages | $5,837 | $70,040 | |
Pretax Health Ins. | $295 | $3,540 | |
Pretax Vision/Dental Ins. | $9 | $108 | |
FICA base salary/wages | $5,533 | $66,392 | |
401(k) / 403(b) / TSP / etc. | $850 | Room to increase? | $10,200 |
Employer Match | $148 | $1,770 | |
Income subject to IRS tax | $4,683 | $56,192 | |
Other ordinary income | $833 | $10,000 | |
Federal Total Income | $5,516 | $66,192 | |
Federal tax | $543 | 2015 rates, MFJ, stand. ded., 1 exempt. | $6,516 |
Soc. Sec. | $343 | Assumes 1 earner paying | $4,116 |
Medicare | $80 | $963 | |
Total income taxes | $966 | $11,595 | |
Income before other expenses | $4,550 | $54,597 |
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
Likely yes. Some people like to deal with web pages, some like spreadsheets. Pick your favorite.https://turbotax.intuit.com/tax-tools/calculators/taxcaster/Isn't tax caster doing the same thing that I just did above?
Over-withholding is OK. It's an interest free loan to the Treasury, but that's not the end of the world. And it's only $1k. You can just see how things end up at the end of the year and make an adjustment for next year.
Likely yes. Some people like to deal with web pages, some like spreadsheets. Pick your favorite.https://turbotax.intuit.com/tax-tools/calculators/taxcaster/Isn't tax caster doing the same thing that I just did above?
See http://forum.mrmoneymustache.com/taxes/best-paycheckwithholding-calculator(s)/ for more details. In short:
"Taxcaster and the case study spreadsheet both have holes: taxcaster does not calculate the saver's credit, and may not handle passive income (from rentals) well. The case study spreadsheet does not calculate the child/dependent care credit, nor any education credits, nor SS benefit taxation (probably not a big hole for the MMM audience), etc. The spreadsheet does do the saver's, child tax, and earned income credits.
One also has the options of
- using the previous year's full blown version of TaxAct, TurboTax, etc.
- developing a personalized tax spreadsheet that covers one's own situation very well, even if it would not apply well to others. E.g., see http://forum.mrmoneymustache.com/ask-a-mustachian/turbo-tax-vs-cpa/msg539186/#msg539186"
and
"Two related but different topics are being discussed. There is
1) adjusting paycheck withholding to achieve a desired net tax due to the IRS (and state/local, as applicable) on April 15 of the next year, and
2) adjusting financial strategy (traditional vs. Roth, use HSA or not, etc.) to achieve maximum spendable income over time."