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Retirement tax questions
With $252,000 of gross income, and $132,000 minus $18,000=$114,000 of allowable medical expense deductions, your net taxable income would be $138,000. (It will be lower because state income tax or state sales tax is also an allowable itemized deduction, as well as mortgage interest and property taxes. You may have more itemized deductions than you think, even if you don't donate to charity.)
At that level, your first roughly $85,000 is taxed at 12% and the rest at 22%, so that would average out to about 15% net income tax.
You can also try the IRS calculator here
https://www.irs.gov/individuals/tax-withholding-estimator
Or try this calculator from a third party.
‎July 26, 2023
6:04 PM