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How to calculate total taxes paid?
I’m attempting to calculate my complete taxes paid from final years tax return by way of TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that each 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 embrace many different taxes akin 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 system of Annual Expense = Gross Revenue – Annual Financial savings/Funding – Taxes
I suppose all taxes owed. Are there totally different line objects for every? Federal, state, FICA, and so forth.? I don’t personal a house.
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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 suppose all taxes owed. Are there totally different line objects 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 can be in your W-2, containers 4 (SocSec) and 6 (Medicare). Your W-2 may need different deductions for healthcare prices (field 14, which is an expense you may ignore as a result of it is going to be lumped with different bills), or your 401k/403b (field 12, which matches below financial savings moderately than taxes). Property taxes may be in your return when you itemize deductions, or in your Type 1098 in case you have a mortgage (if your property is paid off, presumably you’ve got information of your direct property tax funds, since there is no escrow being managed by a lender).
Do not do what Bogleheads let you know. Hearken to what we are saying, take into account different sources, and make your individual selections, since you must reside 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 complete taxes paid from final years tax return by way of TurboTax. Is it simply line merchandise 16 that claims “Tax“?
Line 24 “complete tax” consists of the impact of kid tax credit and so forth. For us (retired, no youngsters), traces 16 and 24 are the identical.
I reside in CA if that is related.
It certain is! Have 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 let you know which line.
FICA, and so forth.?
You will not see these on both your Federal or state tax returns. Have a look at your payroll slips/reviews for the yr in query. Worst case is that you will have so as to add them up month by month. If additionally they present year-to-date (YTD) withholdings, as my employer did, you will get the totals out of your final one for the yr. Or you will get them out of your W-2 as I now see somebody has prompt 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 system 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 complete taxes paid from final years tax return by way of TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that each one there may be to it? I reside in CA if that is related.
Strive line 74 of CA Type 540. It needs to be on the finish of the “Different Taxes” part
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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 complete taxes paid from final years tax return by way of TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that each one there may be to it? I reside 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 knowledge.
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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 system of Annual Expense = Gross Revenue – Annual Financial savings/Funding – TaxesI suppose all taxes owed. Are there totally different line objects 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 can be in your W-2, containers 4 (SocSec) and 6 (Medicare). Your W-2 may need different deductions for healthcare prices (field 14, which is an expense you may ignore as a result of it is going to be lumped with different bills), or your 401k/403b (field 12, which matches below financial savings moderately than taxes). Property taxes may be in your return when you itemize deductions, or in your Type 1098 in case you have a mortgage (if your property is paid off, presumably you’ve got information of your direct property tax funds, since there is no 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 believe it mentioned 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 price. How a lot would pre-tax contributions have helped decrease this tax invoice you assume? 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 
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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 complete taxes paid from final years tax return by way of TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that each one there may be to it? I reside in CA if that is related.Strive line 74 of CA Type 540. It needs to be on the finish of the “Different Taxes” part
Regards,
Line 74 is clean however I do see a price in line 80 that appears appropriate. Useful, thanks.
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Re: How to calculate total taxes paid?
learning30 wrote: ↑Sat Sep 07, 2024 4:33 pm
On the state one I believe it mentioned 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 price. How a lot would pre-tax contributions have helped decrease this tax invoice you assume? 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 seemingly extra advantageous to contribute to Trad 401k moderately than Roth 401k. You get a right away tax-break as that deferred revenue would not depend for present taxes and you’ll at all times do Trad to Roth conversions in early retirement once you reside 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).
In the event you’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 seemingly be extra affordable when 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 let you know. Hearken to what we are saying, take into account different sources, and make your individual selections, since you must reside 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 complete taxes paid from final years tax return by way of TurboTax. Is it simply line merchandise 16 that claims “Tax“? Is that each one there may be to it? I reside 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 knowledge.
Neat. I did not take into account doing this although appears to be like prefer it’s the identical login I take advantage of for SS web site. 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 believe it mentioned 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 price. How a lot would pre-tax contributions have helped decrease this tax invoice you assume? 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 seemingly extra advantageous to contribute to Trad 401k moderately than Roth 401k. You get a right away tax-break as that deferred revenue would not depend for present taxes and you’ll at all times do Trad to Roth conversions in early retirement once you reside 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 assume I’ll take that method (pre-tax) subsequent yr. However I do love the concept of Roth cash now, rising tax-free for therefore 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 may develop so giant that there actually is not an efficient strategy 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 function and that offers 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 may actually make me comfortable to get each. Lot of assumptions in every little thing figuring out that method although.
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