Help forecasting how much taxes will be taken???

[stanw]

I just got a new job and am trying to create a monthly budget. To do this, I am trying to figure out how much I will net after taxes.

- I gross $72,150
- 9.65% is taken out from this for retirement and union fees
- this leaves me with $65,187.53

1. What tax bracket does this put me in?
2. How can I estimate how much I will net after federal and state taxes are taken?

Thank you for any help!!!!!

[mwcpa]

stan....

a lot more data is required.....

many things come into play.....

what is you marital status?
any children?
do you own a home or rent, and if you own, how much are your real estate taxes and mortgage interest?
do you give to charity?
is the "pension" a 401(k) type and if so, how much of the 9.65% is it?
what state do you live in?

and many more......

You should seek a qualified tax professional who can help you plan... you just need to bring all of the facts with you.... too many variables to give you a concrete answer in this forum.

as a general guide, depending where you live, assuming the 9.65% are "post" tax (union dues are generally an itemized deduction subject to the 2% of AGI limits) then you should "net 65-70% of the 72,150... or approximately $49,000 less the $6,962 (your 9.65% number) equals 42,038... again, this is a ball park, with extremely limited facts... the back of the matchbook calculations may be materially different with a full set of facts.

[stanw]

Hi mwcpa,

Thanks for your response. I am just looking for a ballpark figure to know what I will be left with after getting each check, before making end of the year deductions, etc.. The info you gave me seems to be helpful, here is a bit more info, does this make any difference with your ballpark estimate?
- just got married last month
- no kids
- rent
- donate under $500 a year
- live in CA
- 8.25% goes into CALSTRS (http://www.calstrs.com/) on a pre tax basis
- 1.4% is union dues that are deducted after being taxed

Thanks!!!

[mwcpa]

ballpark....very ballpark.... very conservative

salary... 72150 less 5900 (pension) = 66250... of tax about 67% is take home before other deductions... or 44375, less the union dues 1000 equals 43375... ballpark....

actual results may be different.....a more exact number can be had by meeting with a qualified tax professional in California to review your actual tax situation, including that of your spouse