Taxcaster 2022

[nw-rafter]

Wondering if the 2022 brackets in the estimator are correct.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Simple example: Single,50, $112950 wages. Taxable Income= $100000 (SD=12950).

Taxcaster says $18021 taxes

1040-ES table shows $17835.5

HR Block estimator gives the 1040-ES answer.

Please verify?

[Anonymous_ · Accepted solution]

Use that only as a rough (very rough) guide.

The standard deduction is correct, at least.

[ScruffyCurmudgeon]

Tax Brackets 2023

• The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.
   
• Marginal Rates: For tax year 2023, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly).

  The other rates are:

  35% for incomes over $231,250 ($462,500 for married couples filing jointly);
  32% for incomes over $182,100 ($364,200 for married couples filing jointly);
  24% for incomes over $95,375 ($190,750 for married couples filing jointly);
  22% for incomes over $44,725 ($89,450 for married couples filing jointly);
  12% for incomes over $11,000 ($22,000 for married couples filing jointly).

  The lowest rate is 10% for incomes of single individuals with incomes of $11,000 or less ($22,000 for married couples filing jointly).

IRS provides tax inflation adjustments for tax year 2023 

[#4]

• The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.
   
• Marginal Rates: For tax year 2023, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly).

  The other rates are:

  35% for incomes over $231,250 ($462,500 for married couples filing jointly);
  32% for incomes over $182,100 ($364,200 for married couples filing jointly);
  24% for incomes over $95,375 ($190,750 for married couples filing jointly);
  22% for incomes over $44,725 ($89,450 for married couples filing jointly);
  12% for incomes over $11,000 ($22,000 for married couples filing jointly).

  The lowest rate is 10% for incomes of single individuals with incomes of $11,000 or less ($22,000 for married couples filing jointly).

IRS provides tax inflation adjustments for tax year 2023 

[shoei20]

What do I enter from my pay stub into the tax estimator?  YTD Medicare taxable wages?  Combined Fed tax, Social Security / Medicare?

[DoninGA]

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@shoei20 wrote:

What do I enter from my pay stub into the tax estimator?  YTD Medicare taxable wages?  Combined Fed tax, Social Security / Medicare?

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Gross Income.  Federal taxes withheld only.

[NCperson]

@shoei20 - depends how your W-2 is laid out.

Some only show one Year-to-date income number.  if that is the case use that.

but others will track the gross income and the taxable income.  if that is the case, use the taxable income, which will be a lower number.  if you have savings into a 401(k) or you have a medical plan (or dental / vision) through your employer, those are many times paid by you on a 'pre-tax' basis, so they are deducted from the gross Income to get to the "taxable" income. 

for taxes withheld, just pick up the federal withheld number.  do not include the medicare, social security, state or local tax withholdings. 

[shoei20]

Thank you!!  Yep my income is split out.  I have Social Security wages, fed gross wages.  I do contribute to my 401k as well.  Thank you!!