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?
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Use that only as a rough (very rough) guide.
The standard deduction is correct, at least.
Use that only as a rough (very rough) guide.
The standard deduction is correct, at least.
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).
What do I enter from my pay stub into the tax estimator? YTD Medicare taxable wages? Combined Fed tax, Social Security / Medicare?
@shoei20 wrote:
What do I enter from my pay stub into the tax estimator? YTD Medicare taxable wages? Combined Fed tax, Social Security / Medicare?
Gross Income. Federal taxes withheld only.
@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.
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!!
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