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How to calculate total taxes paid?
I’m attempting to calculate my whole taxes paid from final years tax return by TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that every one there may be to it? I reside in CA if that is related.
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Re: How to calculate total taxes paid?
Do you imply solely Federal revenue taxes? Or do want to embody many different taxes resembling property taxes, FICA, medicare, state revenue taxes, and varied different taxes?
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Re: How to calculate total taxes paid?
I am attempting to calculate my annual bills and was going off the system of Annual Expense = Gross Revenue – Annual Financial savings/Funding – Taxes
I assume all taxes owed. Are there completely different line gadgets for every? Federal, state, FICA, and so on.? I don’t personal a house.
Onwards and upwards
Re: How to calculate total taxes paid?
learning30 wrote: ↑Fri Sep 06, 2024 8:18 pm
I am attempting to calculate my annual bills and was going off the system of Annual Expense = Gross Revenue – Annual Financial savings/Funding – TaxesI assume all taxes owed. Are there completely different line gadgets for every? Federal, state, FICA, and so on.? I don’t personal a house.
Fed = 1040 Tax Return, Line 24. CA = someplace in your state-specific tax return. FICA could be in your W-2, packing containers 4 (SocSec) and 6 (Medicare). Your W-2 might need different deductions for healthcare prices (field 14, which is an expense you possibly can ignore as a result of will probably be lumped with different bills), or your 401k/403b (field 12, which matches underneath financial savings slightly than taxes). Property taxes is perhaps in your return for those who itemize deductions, or in your Type 1098 if in case you have a mortgage (if your property is paid off, presumably you’ve gotten data of your direct property tax funds, since there isn’t any escrow being managed by a lender).
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