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How to calculate total taxes paid?
I’m attempting to calculate my whole taxes paid from final years tax return via TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that every one there’s to it? I dwell 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 comparable to 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 components of Annual Expense = Gross Earnings – Annual Financial savings/Funding – Taxes
I suppose all taxes owed. Are there totally different line gadgets for every? Federal, state, FICA, and so forth.? 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 components of Annual Expense = Gross Earnings – Annual Financial savings/Funding – TaxesI suppose all taxes owed. Are there totally different line gadgets for every? Federal, state, FICA, and so forth.? 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’ll be able to ignore as a result of will probably be lumped with different bills), or your 401k/403b (field 12, which works below financial savings quite than taxes). Property taxes may be in your return in the event you itemize deductions, or in your Kind 1098 in case you have a mortgage (if your property is paid off, presumably you might have data of your direct property tax funds, since there isn’t any escrow being managed by a lender).
Do not do what Bogleheads inform you. Hearken to what we are saying, take into account different sources, and make your individual selections, since you need to dwell with the dangers & rewards (not us or anybody else).
Re: How to calculate total taxes paid?
learning30 wrote: ↑Fri Sep 06, 2024 8:10 pm
I’m attempting to calculate my whole taxes paid from final years tax return via TurboTax. Is it simply line merchandise 16 that claims “Tax“?
Line 24 “whole tax” consists of the impact of kid tax credit and so forth. For us (retired, no children), traces 16 and 24 are the identical.
I dwell in CA if that is related.
It positive is! Take a look at your CA tax return, which is separate out of your federal return. I am not in CA so I am unable to inform you which line.
FICA, and so forth.?
You will not see these on both your Federal or state tax returns. Take a look at your payroll slips/studies for the 12 months in query. Worst case is that you will have so as to add them up month by month. If in addition they present year-to-date (YTD) withholdings, as my employer did, you may get the totals out of your final one for the 12 months. Or you may get them out of your W-2 as I now see somebody has steered whereas I used to be penning this.
Meet my pet, Peeve, who likes to convert non-acronyms into acronyms: FED, ROTH, CASH, IVY, …
Re: How to calculate total taxes paid?
Agreed, particularly given the intent of the components which is to calculate non-mandated spending.
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Re: How to calculate total taxes paid?
learning30 wrote: ↑Fri Sep 06, 2024 8:10 pm
I’m attempting to calculate my whole taxes paid from final years tax return via TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that every one there’s to it? I dwell in CA if that is related.
Attempt line 74 of CA Kind 540. It ought to be on the finish of the “Different Taxes” part
Regards,
“All of us could be higher traders if we simply made fewer selections.” – Daniel Kahneman
Re: How to calculate total taxes paid?
learning30 wrote: ↑Fri Sep 06, 2024 8:10 pm
I’m attempting to calculate my whole taxes paid from final years tax return via TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that every one there’s to it? I dwell in CA if that is related.
Log into your IRS account. Federal taxes paid are recognized within the Wage transcript and within the Tax Return transcript.
If you’re a W-2 worker, the payroll supplier, for instance ADP, has the data.
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Re: How to calculate total taxes paid?
bonesly wrote: ↑Fri Sep 06, 2024 11:27 pmlearning30 wrote: ↑Fri Sep 06, 2024 8:18 pm
I am attempting to calculate my annual bills and was going off the components of Annual Expense = Gross Earnings – Annual Financial savings/Funding – TaxesI suppose all taxes owed. Are there totally different line gadgets for every? Federal, state, FICA, and so forth.? 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’ll be able to ignore as a result of will probably be lumped with different bills), or your 401k/403b (field 12, which works below financial savings quite than taxes). Property taxes may be in your return in the event you itemize deductions, or in your Kind 1098 in case you have a mortgage (if your property is paid off, presumably you might have data of your direct property tax funds, since there isn’t any escrow being managed by a lender).
Simply completed this train.
CA Taxes = $15,211
Federal Taxes = $40,114
SS Taxes = $9,932
Medicare = $3,134
Whole taxes paid = $68,391
On the state one I feel it stated my CA AGI was $205,000 or round there. Is that this commonplace to pay this a lot in taxes? My math reveals a 33.36% efficient tax fee. How a lot would pre-tax contributions have helped decrease this tax invoice you suppose? I only recently (previous 2 years) grew to become a excessive earner, to me, and have been doing Roth.
I hope there aren’t extra taxes I am lacking in my calculation that I am additionally paying 
Onwards and upwards
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Re: How to calculate total taxes paid?
retired@50 wrote: ↑Sat Sep 07, 2024 9:40 amlearning30 wrote: ↑Fri Sep 06, 2024 8:10 pm
I’m attempting to calculate my whole taxes paid from final years tax return via TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that every one there’s to it? I dwell in CA if that is related.Attempt line 74 of CA Kind 540. It ought to be on the finish of the “Different Taxes” part
Regards,
Line 74 is clean however I do see a worth in line 80 that appears right. Useful, thanks.
Onwards and upwards
Re: How to calculate total taxes paid?
learning30 wrote: ↑Sat Sep 07, 2024 4:33 pm
On the state one I feel it stated my CA AGI was $205,000 or round there. Is that this commonplace to pay this a lot in taxes? My math reveals a 33.36% efficient tax fee. How a lot would pre-tax contributions have helped decrease this tax invoice you suppose? I only recently (previous 2 years) grew to become a excessive earner, to me, and have been doing Roth.
Since you are a excessive earner, it is possible extra advantageous to contribute to Trad 401k quite than Roth 401k. You get a direct tax-break as that deferred revenue would not rely for present taxes and you’ll all the time do Trad to Roth conversions in early retirement if you dwell off your Taxable account and haven’t but claimed SocSec (so maybe dropping to a decrease revenue bracket making the tax owed on conversions extra engaging).
For those who’re single, then $205K would put you within the 32% Fed marginal tax bracket, plus CA is a notoriously high-tax state, so 33.36% efficient tax would not sound out of line (would possible be extra cheap in the event you had been married submitting joint than submitting single, however in your scenario the Roth 401k would not appear to make sense).
Do not do what Bogleheads inform you. Hearken to what we are saying, take into account different sources, and make your individual selections, since you need to dwell with the dangers & rewards (not us or anybody else).
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Re: How to calculate total taxes paid?
chassis wrote: ↑Sat Sep 07, 2024 1:54 pmlearning30 wrote: ↑Fri Sep 06, 2024 8:10 pm
I’m attempting to calculate my whole taxes paid from final years tax return via TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that every one there’s to it? I dwell in CA if that is related.Log into your IRS account. Federal taxes paid are recognized within the Wage transcript and within the Tax Return transcript.
If you’re a W-2 worker, the payroll supplier, for instance ADP, has the data.
Neat. I did not take into account doing this although seems prefer it’s the identical login I exploit for SS website. Thanks.
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Re: How to calculate total taxes paid?
bonesly wrote: ↑Sat Sep 07, 2024 5:36 pmlearning30 wrote: ↑Sat Sep 07, 2024 4:33 pm
On the state one I feel it stated my CA AGI was $205,000 or round there. Is that this commonplace to pay this a lot in taxes? My math reveals a 33.36% efficient tax fee. How a lot would pre-tax contributions have helped decrease this tax invoice you suppose? I only recently (previous 2 years) grew to become a excessive earner, to me, and have been doing Roth.Since you are a excessive earner, it is possible extra advantageous to contribute to Trad 401k quite than Roth 401k. You get a direct tax-break as that deferred revenue would not rely for present taxes and you’ll all the time do Trad to Roth conversions in early retirement if you dwell off your Taxable account and haven’t but claimed SocSec (so maybe dropping to a decrease revenue bracket making the tax owed on conversions extra engaging).
I do suppose I’ll take that method (pre-tax) subsequent 12 months. However I do love the concept of Roth cash now, rising tax-free for thus lengthy since I am a younger age, and never including the complexity of conversions at an older age. I learn a reply someplace right here not too long ago about individuals failing to contemplate that your pre-tax account might develop so massive that there actually is not an efficient technique to do conversions later with out getting the identical excessive tax invoice. I suppose the identical would apply if you cannot ever get your bills down meaningfully, even as soon as retired.
Dream scenario – I land this FAANG position and that provides me entry to after-tax contributions. I then pre-tax as much as the traditional max and after-tax -> Roth as much as the 415 restrict. That might actually make me pleased to get each. Lot of assumptions in all the pieces figuring out that approach although.
Onwards and upwards
Re: How to calculate total taxes paid?
learning30 wrote: ↑Sat Sep 07, 2024 4:33 pmbonesly wrote: ↑Fri Sep 06, 2024 11:27 pmlearning30 wrote: ↑Fri Sep 06, 2024 8:18 pm
I am attempting to calculate my annual bills and was going off the components of Annual Expense = Gross Earnings – Annual Financial savings/Funding – TaxesI suppose all taxes owed. Are there totally different line gadgets for every? Federal, state, FICA, and so forth.? 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’ll be able to ignore as a result of will probably be lumped with different bills), or your 401k/403b (field 12, which works below financial savings quite than taxes). Property taxes may be in your return in the event you itemize deductions, or in your Kind 1098 in case you have a mortgage (if your property is paid off, presumably you might have data of your direct property tax funds, since there isn’t any escrow being managed by a lender).
Simply completed this train.
CA Taxes = $15,211
Federal Taxes = $40,114
SS Taxes = $9,932
Medicare = $3,134
Whole taxes paid = $68,391On the state one I feel it stated my CA AGI was $205,000 or round there. Is that this commonplace to pay this a lot in taxes? My math reveals a 33.36% efficient tax fee. How a lot would pre-tax contributions have helped decrease this tax invoice you suppose? I only recently (previous 2 years) grew to become a excessive earner, to me, and have been doing Roth.
I hope there aren’t extra taxes I am lacking in my calculation that I am additionally paying
Utilizing the CA FTB on-line quicky tax calculator https://www.ftb.ca.gov/file/personal/ta … -rates.asp, sure, $15k tax on $205k revenue is “regular”.
Do you even have CA SDI (state incapacity insurance coverage) withheld in your paycheck?
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Re: How to calculate total taxes paid?
ladycat wrote: ↑Sat Sep 07, 2024 6:09 pmlearning30 wrote: ↑Sat Sep 07, 2024 4:33 pmbonesly wrote: ↑Fri Sep 06, 2024 11:27 pmlearning30 wrote: ↑Fri Sep 06, 2024 8:18 pm
I am attempting to calculate my annual bills and was going off the components of Annual Expense = Gross Earnings – Annual Financial savings/Funding – TaxesI suppose all taxes owed. Are there totally different line gadgets for every? Federal, state, FICA, and so forth.? 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’ll be able to ignore as a result of will probably be lumped with different bills), or your 401k/403b (field 12, which works below financial savings quite than taxes). Property taxes may be in your return in the event you itemize deductions, or in your Kind 1098 in case you have a mortgage (if your property is paid off, presumably you might have data of your direct property tax funds, since there isn’t any escrow being managed by a lender).
Simply completed this train.
CA Taxes = $15,211
Federal Taxes = $40,114
SS Taxes = $9,932
Medicare = $3,134
Whole taxes paid = $68,391On the state one I feel it stated my CA AGI was $205,000 or round there. Is that this commonplace to pay this a lot in taxes? My math reveals a 33.36% efficient tax fee. How a lot would pre-tax contributions have helped decrease this tax invoice you suppose? I only recently (previous 2 years) grew to become a excessive earner, to me, and have been doing Roth.
I hope there aren’t extra taxes I am lacking in my calculation that I am additionally paying
Utilizing the CA FTB on-line quicky tax calculator https://www.ftb.ca.gov/file/personal/ta … -rates.asp, sure, $15k tax on $205k revenue is “regular”.
Do you even have CA SDI (state incapacity insurance coverage) withheld in your paycheck?
I did see that on there. Do not suppose I included it above as a result of I wasn’t positive if it was only a regular deduction for healthcare or one thing.
Onwards and upwards
Re: How to calculate total taxes paid?
learning30 wrote: ↑Sat Sep 07, 2024 6:11 pmladycat wrote: ↑Sat Sep 07, 2024 6:09 pmlearning30 wrote: ↑Sat Sep 07, 2024 4:33 pmbonesly wrote: ↑Fri Sep 06, 2024 11:27 pmlearning30 wrote: ↑Fri Sep 06, 2024 8:18 pm
I am attempting to calculate my annual bills and was going off the components of Annual Expense = Gross Earnings – Annual Financial savings/Funding – TaxesI suppose all taxes owed. Are there totally different line gadgets for every? Federal, state, FICA, and so forth.? 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’ll be able to ignore as a result of will probably be lumped with different bills), or your 401k/403b (field 12, which works below financial savings quite than taxes). Property taxes may be in your return in the event you itemize deductions, or in your Kind 1098 in case you have a mortgage (if your property is paid off, presumably you might have data of your direct property tax funds, since there isn’t any escrow being managed by a lender).
Simply completed this train.
CA Taxes = $15,211
Federal Taxes = $40,114
SS Taxes = $9,932
Medicare = $3,134
Whole taxes paid = $68,391On the state one I feel it stated my CA AGI was $205,000 or round there. Is that this commonplace to pay this a lot in taxes? My math reveals a 33.36% efficient tax fee. How a lot would pre-tax contributions have helped decrease this tax invoice you suppose? I only recently (previous 2 years) grew to become a excessive earner, to me, and have been doing Roth.
I hope there aren’t extra taxes I am lacking in my calculation that I am additionally paying
Utilizing the CA FTB on-line quicky tax calculator https://www.ftb.ca.gov/file/personal/ta … -rates.asp, sure, $15k tax on $205k revenue is “regular”.
Do you even have CA SDI (state incapacity insurance coverage) withheld in your paycheck?I did see that on there. Do not suppose I included it above as a result of I wasn’t positive if it was only a regular deduction for healthcare or one thing.
For those who itemize deductions in your federal return, CA SDI is a deductible state tax.
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Re: How to calculate total taxes paid?
learning30 wrote: ↑Sat Sep 07, 2024 5:48 pmbonesly wrote: ↑Sat Sep 07, 2024 5:36 pmlearning30 wrote: ↑Sat Sep 07, 2024 4:33 pm
On the state one I feel it stated my CA AGI was $205,000 or round there. Is that this commonplace to pay this a lot in taxes? My math reveals a 33.36% efficient tax fee. How a lot would pre-tax contributions have helped decrease this tax invoice you suppose? I only recently (previous 2 years) grew to become a excessive earner, to me, and have been doing Roth.Since you are a excessive earner, it is possible extra advantageous to contribute to Trad 401k quite than Roth 401k. You get a direct tax-break as that deferred revenue would not rely for present taxes and you’ll all the time do Trad to Roth conversions in early retirement if you dwell off your Taxable account and haven’t but claimed SocSec (so maybe dropping to a decrease revenue bracket making the tax owed on conversions extra engaging).
I do suppose I’ll take that method (pre-tax) subsequent 12 months. However I do love the concept of Roth cash now, rising tax-free for thus lengthy since I am a younger age, and never including the complexity of conversions at an older age. I learn a reply someplace right here not too long ago about individuals failing to contemplate that your pre-tax account might develop so massive that there actually is not an efficient technique to do conversions later with out getting the identical excessive tax invoice. I suppose the identical would apply if you cannot ever get your bills down meaningfully, even as soon as retired.
Dream scenario – I land this FAANG position and that provides me entry to after-tax contributions. I then pre-tax as much as the traditional max and after-tax -> Roth as much as the 415 restrict. That might actually make me pleased to get each. Lot of assumptions in all the pieces figuring out that approach although.
What’s your most Roth contribution?
What’s your most 401k contribution?
Which can construct the next quantity of financial savings over the long run, and which price you extra in tax?
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