How can I figure out my net income? (after tax take home pay)

how can i figure out my taxes

stevedickens

10/20/10 8:54 AM

I would like to find a calculator/spreadsheet to try and calculate my take home pay if I choose to go back to work.

Currentlty my spouse works and makes

300K a year. I could go back to work (have an offer) for 105K. I am trying to figure out how much of my income I would be able to keep after all taxes are calculated and not sure if anyone has a good spreadsheet or online tool to help.

From what I can gather, my company would not be able to account for the fact that all my income would be in a high tax bracket and thus would only be deducting federal taxes at the normal 10/15/25% rates, not the 33% rate.

State taxes in my state are also progressive and thus would not be factored correctly and are

7.55% for anything above 250K(State and local)

I believe

I would have to pay full social security and medicaid taxes even though my spouse is already maxed out on social security.

What I don't know is if we would loose/gain any deductions from being a 2 wage earner family? We usually take the standard deduction and exemptions, and have 2 kids. We have some divididen income and rental properties (that run -25K a year on taxes). Also me going back to work will also make us pay 25K a year in Nanny costs for the next few years until the kids are in school.

Can someone help me figure out what my net income will be?

105K MINUS

6.2% social tax on 105K (6,510)

1.4% Medicare Tax on 105K (1,491)

7.55% State/local tax on what amount?

% fedearl tax on what amount?

Childcare 25K ( is their some sort of tax benefit I would get?)

Minus any lost Tax break/credits

Source: www.fatwallet.com

Category: Taxes

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