How much income tax do I pay on $60,000 and $120,000?
Hi Rachel, I can provide you with the calculations based on an annual salary of either $60,000.00 or $120,000.00 per year, assuming that this is paid to just one of you as a salaried position. Here are the payroll calculations based on residing in the province of Ontario: Province of employment Ontario Federal amount from TD1 Claim Code 1 (Minimum - 8,929.00) Provincial amount from TD1 Claim Code 1 (Minimum - 8,553.00) Salary (Weekly) (Based on $60K per year) Gross salary for the pay period 1,153.84 Total EI insurable earnings for the pay period 1,153.84 Taxable salary 1,153.84 Federal tax deductions 169.69 Provincial tax deductions 82.86 Total tax on salary 252.55 Canada Pension Plan deductions 53.78 Employment Insurance deductions 20.77 Requested additional tax deduction 0.00 Total deductions on salary 327.10 Net amount 826.74 Province of employment Ontario Federal amount from TD1 Claim Code 1 (Minimum - 8,929.00) Provincial amount from TD1 Claim Code 1 (Minimum - 8,553.00) Salary (Weekly) (Based on $120K per year) Gross salary for the pay period 2,307.69 Total EI insurable earnings for the pay period 2,307.69 Taxable salary 2,307.69 Federal tax deductions 458.65 Provincial tax deductions 268.36 Total tax on salary 727.01 Canada Pension Plan deductions 110.90 Employment Insurance deductions 41.54 Requested additional tax deduction 0.00 Total deductions on salary 879.45 Net amount 1,428.24 I used the CRA website below for these calculations: http://www.cra-arc.gc.ca/eservices/tax/b... Hope this information helps you.
How much income tax will I get back?
If your husband is an employee, 60,000 gross annually, married status, 0 allowance ( no State info ??), from www.paycheckcity.com , I have these results : Annual Gross Pay $60,000.00 Federal Withholding $6,965.00, *****remember this number. Social Security $1,965.60 Medicare $870.00 State ??? $0.00 Net pay = $50,199.40 On 2012, you file your 1040- 2011 tax return as following: 60,000 - 19,000 = 41,000, this is your taxable income if you don't itemize. Tax liability would be: $5,300 ( this formula is on page 6, schedule Y of form 1040ES ) Your refund = Federal withholding minus Tax liability = $6,965 - $5,300 = $1,665 These results are for Federal only.
How much tax do a non resident earning 60000$/annum have to pay in USA?
There is no simple answer to this question. To answer, there are many questions one must have answers to, including, but not limited to:1. was the income earned in the US?2. What is your marital status?3. Did your spouse earn any income?4. Are you a citizen of the US or a legal resident (even though you weren't here)5. If you were a citizen, not a resident, what was your worldwide income?6. Do you have any children that can be claimed as dependentsetc, etc. etc. U.S. taxes are complex. You need to have an accountant answer the question ....
California tax paycheck question on $60,000 annual salary?
First off, I just want to thank the many of you who have answered my questions here. I really appreciate it and you have given me an abundance of helpful advice. I have a paycheck/tax issue with my first paycheck here in CA and something doesn’t seem right, so you tax mavens out there, I need your help. I just started a new job which pays $60,000 a year, $5,000 a month. My pay period was from 07/19/12 to 08/01/12. My earnings were $2,307.69 for the pay period. (So I’m assuming it’s $2,307.69 x 26 weeks = $59,999.94 for the year) However, my withholdings really surprised me. Social Security $96.92 Medicare $33.46 Federal Income Tax $403.56 CA Income Tax $121.74 CA Disability $23.08 TOTAL TAX WITHOLDING: $678.76 NET PAY: $1,628.93 So it appears I’m paying almost 30% in taxes on each of my paychecks which doesn’t seem right to me. Is my employer not paying something they should be paying and sticking me with it? Or is this (gulp) actually correct? NOTE: I have not yet filled out my W-4.
How much would I bring home making 60000 dollars a year in seattle?
In 2014 I made $60,198 in gross income from all sources, including salary and wages, interest income, dividends, and other.I am single, no kids, no wife. I took standard deduction of $6,200.My tax was: $8,233.That's a tax rate of 13.6%I live in Seattle and I'm a Dental Hygienist.So to answer your question: Assuming you are like me you would bring home roughly $51,965 after taxes, because that's exactly what I took home.
How does a financial adviser help you? If I earn 60000 USD per year, would hiring a financial adviser be helpful for me?
My experience has shown that typically someone in your situation would benefit from a checkup - you may not need a long term commitment at this point.A financial planner will review your:Current legal planningInsurancesCash and debtLong term investmentsTaxesFamily situationThey will review these items in light of your goals and objectives. Then come back with a specific list of recommendations and tactics to accomplish those recommendations to help you.You will likely take 2–4 hours of a planner’s time (cost: $300–750) and you will know at the end that you’ve buttoned up any loose ends and helped put yourself on a optimal path.If you’re doing everything well then it would be a reassuring second opinion.Here’s a handy tool I drafted to help you pick an appropriate advisor for you:5QsToAskGood luck!
How much money will I bring home every two weeks if I make 60,000 a year?
Short Answer: 1,384.61 --------------------------------------... Long Answer: 40% of 60 000 = 24 00 60 000 - 24 000 = 36 000 36 000 / 26 = 1 384.61538 Total per 2 weeks = 1,384.61 --------------------------------------... Explanation: "Higher rate (40%): this is payable on all taxable income above £34,600.
What will be the Tax deduction of a salary of Rs.60,000 at Bangalore?
You can I calculate TDS on my Salary?The basic salary received by an employee is taxable depending on the tax bracket under which the employee's income comes. You can follow these steps to know the TDS on your salaryCalculate the Gross monthly income. The gross monthly income is a sum of your basic income, allowances and perquisites.Calculate the total tax exemptions applicable to your salary. Tax exemptions are applicable on medical insurance, conveyance and HRA.Subtract the total tax exemptions from your gross monthly salary.Since TDS is filed on a yearly basis, multiply the amount by 12. This is the total taxable amount from your income in terms of TDS.If you have any other source of income such as house rent, then you can subtract that amount from the figure that you obtained in the previous stepCertain investments come under the Chapter VI-A of Income Tax Act; you'll be required to deduct that amount from your total income as well. For example, the PPF scheme falls under Section 80C of the Income Tax Act. An exemption of up to 1.5 lakhs can be claimed through this Section of ITAReduce the maximum allowable income tax exemptions from your salary. An income up to 2.5 lakhs is exempted from all form of taxation. And the income above this level is taxed based on the income tax slabs defined by the Income Tax Department. The maximum tax rate is 30% which is levied on all employees earning more than ten lakhs salary.It's important to notice that people above 60 years of age or senior citizens have a separate income tax slab.