How can I figure out my net income? (after tax take home pay)
10/20/10 8:54 AM
I would like to find a calculator/spreadsheet to try and calculate my take home pay if I choose to go back to work.
Currentlty my spouse works and makes
300K a year. I could go back to work (have an offer) for 105K. I am trying to figure out how much of my income I would be able to keep after all taxes are calculated and not sure if anyone has a good spreadsheet or online tool to help.
From what I can gather, my company would not be able to account for the fact that all my income would be in a high tax bracket and thus would only be deducting federal taxes at the normal 10/15/25% rates, not the 33% rate.
State taxes in my state are also progressive and thus would not be factored correctly and are
7.55% for anything above 250K(State and local)
I would have to pay full social security and medicaid taxes even though my spouse is already maxed out on social security.
What I don't know is if we would loose/gain any deductions from being a 2 wage earner family? We usually take the standard deduction and exemptions, and have 2 kids. We have some divididen income and rental properties (that run -25K a year on taxes). Also me going back to work will also make us pay 25K a year in Nanny costs for the next few years until the kids are in school.
Can someone help me figure out what my net income will be?
6.2% social tax on 105K (6,510)
1.4% Medicare Tax on 105K (1,491)
7.55% State/local tax on what amount?
% fedearl tax on what amount?
Childcare 25K ( is their some sort of tax benefit I would get?)
Minus any lost Tax break/creditsSource: www.fatwallet.com