First of all,
Brand new to MMM. Like other users, I have a lot to learn from you fine folks.
Here is the tax spreadsheet:
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 |
This is just for myself. My wife is 1099 employee makes $28/hr, works 32 hours a week, estimated quarterly taxes are $3,000 (had an accountant figure that out for me).
It is a little tricky for me because I bounced around this year.
My old job: Jan- Mar 27th: $3,013.94 in Fed Taxes
My new job: Mar 28th- July 31st: $4,731.81 in Fed Taxes
Part of those taxes include the taxes from the $10,000 sign on bonus.
I currently claim 2 on my W-4.
I would rather keep more money on my paycheck and have a $0 refund come tax season.
It seems if my salary remained constant (I hope it doesn't), I currently pay $245.01 a check or $5635.23 total fed taxes. If I removed the $10k bonus, it seems I should pay $4,616 in Fed Taxes so I am overpaying by nearly $1,000 dollars or $43ish a check.
Any help would be greatly appreciated!