Advice on After Tax Income Calculator

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Q: Florida Income Tax Calculator?
summer job at day care center. dont know how much it pay but i guess atleat $8

so if the job pay $8 and 8 hours a day
how much will i get after taxes?
im a dependent soon to be college student. rest information idk
since florida dont have income tax then what other tax will be apply to my salary?

A: Florida doesn’t have an income tax.

Q: Unsure about how much £17000 is after tax?
I am starting a new job which pays £17000 per anum, i went on the website: UK Net Salary Income After Tax Calculator and it told me that after tax someone on £17000 will take home £1,138 per month
which works out as £13,654 per anum! I am really dissapointed as i felt I was going to be on a higher wage but have realised im basically going to be on £13000 which i find annoying and exasperating, especially as i was really hyped about getting a new job with a better wage. Thats nearly 4 grand knocked off my annual salary. Is this calculation right??

A: Yes, thats correct. You keep about 80% of what you earn.

But if you previous job paid you below £17,000 per annum (before tax) you are still going to be better off.

Its not really a case of “4 grand knocked off your annual salary” because nobody ever takes home 100% of their gross salary anyway. In % terms you are getting to keep a lot more of what you earn than some do. Essentially, the more you earn the higher the % of gross you lose in tax and NI.

Q: Can you please help me figure out my income after taxes (see details)?
I’m 24, single with no dependants. I just got a job making $42,000/yr in Baltimore, MD. I’m trying to calculate expenses & I used an online tax calculator to figure out my salary after taxes and it calculated only $25955.04/yr after taxes. Could that possibly be correct or is there a more accurate way to figure this out? thankYou.

A: You are doing something wrong.

Fica/MC is 7.65%. $3213.
You barely get to the 25% income bracket. And with the exemptions and brackets, it would around $5000.
I doubt your state taxes are higher than federal….

Q: Is there any possible way to tell an appox figure for income tax that you will get back/have to pay?
I’m curious as to how much money I will have to pay/get back after filing income tax. Does anyone know any way to figure out an appoximate value for free online? Or any calculator sort of things?

A: I had built a quick and dirty calculator in excel.

The other way is to compare your t4 and other t-slips with the e&y calculator. http://www.ey.com/GLOBAL/content.nsf/Canada/Tax_-_Calculators_-_2007_Personal_Tax

Q: When calculating annual income for retirement do you use annual income before taxes or after taxes.?
I notice that many online calculators don’t specify(before or after taxes) and I don’t know how that affects the formula.

A: Nobody knows what taxes will be then, so current income and income then would be gross income. A good calculator will attempt to account for inflation and social security then. Likewise if it has input for current expenses it should figure the inflated cost of those expenses.

For example I figured I could live on 80% of my income because I am contributing 22% of my gross income to my 401(k). But allowing for inflation, 10 years from I may need the same dollars plus social security to equal the dollars I am living on now. And I will need more per year if I am still around 20-25 years later.

Q: calculating child tax credits from non residents income?
I’ve been onto the CSA website which has a online calculator to see how much maintenance to pay the mother of your child.
Now it say that the child maintenance is worked out by applying four different rates, depending on income. It says that income is money from occupational or personal pension. And then it goes on to say that they use the amount of income left after income tax, national ins and any money paid into pension scheme have all been deducted from your nett pay. im a bit confused !! so is a occupational pension different from the maney you pay every month into your works pension plan, can anyone clarify. thanks in advance for any constructive help..

A: Your works pension plan is an occupational pension. However, your question does not appear to be about Child Tax Credit but about how much maintenance you should pay towards the upkeep of the child that you are responsible for. Is that correct?

Your net income for CSA purpose is your gross pay less tax, NI and pension contributions. Get out your last payslip and fill in the fields in the CSA calculator here:

https://secureonline.dwp.gov.uk/csa/v2/en/netcalc.asp

Q: Please help my estimate what my after tax annual pay will be based upon the DoD pay calculator results?
Using the DoD pay calculator for military assuming we live off-base:

Your Results
Annual
Basic Pay $31,863.60
BAS $2,676.48
BAH $17,016.00
Cash Total $51,556.08

Total Annual Family Income: $51,556.08
Total Annual Allowances: $19,692.48
Total Annual Taxable Income: $9,513.60
Total Tax Rate: 0.10

We’re trying to plan a budget, and based upon the DoD calculator, it seems that of my total taxable income is only $9,513 with a 10% rate. That means, if I’m understanding correctly, that my taxes per year will be $951, or approximately $79 per month.

My monthly gross pay is $4296. If we subtract the $79 per month in taxes, that leaves $4217. What else gets deducted? Do you still pay social security or FICA? Do you pay state taxes when you’re in the military, and if so, is that already included in the 10% rate above?

I’m just trying to get a good grip on what I can expect my monthly net income to be to plan for my family.

Thank you very much for your help everybody!

A: Yes you pay FICA and Depends upon your state if you pay state taxes or not. Being from Ohio I had to pay them. And no they are not included you actually have to ask for them to be taken out.

SFC
US Army
retired

Q: What is my net income for $35000/yr salary in Ontario?
I’ll be starting a job offering an annual salary of $35,000 per year. What is my net income after taxes/EI/CPP contributions? How do I calculate this?

Note: I attempted to use CRA’s payroll deduction calculator and it says I’ll be making $17,000 net income.. is that correct?? It seems like too little income to me.

Additional details: I’m a single person living in Ontario and fresh out of university.

A: Good day,

Using Tax Calculator found on the net your Federal and Ontario Tax should be approximately around $4970. In addition to this amount you need to add $1559 (CPP) and $606 (E.I) which would bring your “tax total” to $7135 (approx $27865 as net income…in your pocket). This is a very simple tax case…! If you have tuition “deduction” or if you have invested into an RRSP then these situation should have tax implications (i.e. lower your tax). Also, if your employer has a pension plan, then some number would have to be re-adjusted. If your personal situation change (i.e. getting married, disability etc…) these life events would affect your tax rate, as well.

www.taxtips.ca web site has a lot of tax information.

For your info, www.studiotax.com offer a very nice tax software. You can give a contribution.

Hope this help in planning your budget.

Congratulations for your first job.

Q: UK income tax calculation?
Hi, This is my first job in UK and tax code in my salary slip is M1 BR. I am not sure about the tax calculations, but when I compare with all the online tax calculators, my tax deductions seems to be much higher than expected values. Can some one help me in this regard? I moved to UK with this job in June 2008. Will I get a refund for the excess tax after March 2009? Do I need to do contact the tax office to correct my tax code? Please reply asap.
I would like to get information regarding the NI deductions as well. Will there be a repayment of excess amount charged under NI similar to the one in tax?
Thanks for all those who took the time to explain me the details. I think I need to contact my HR team urgently.
I came to UK from India under HSMP program. I plan to make UK my permanent residence.

A: Hi,
when you come to live or work in the UK, the UK Income Tax you’ll pay depends on how long you’ll be here and whether you intend to live here permanently. There are special rules for entertainers, students, teachers, sports people, Irish citizens and Irish income.
The UK Income Tax you’ll pay depends on whether you’re ‘resident’, ‘ordinarily resident’ or ‘domiciled’ in the UK. You can be more than one of these – or none.
If you’re in the UK for 183 days or more in a tax year, you’re resident for that year for tax purposes.
If you come to live in the UK permanently or to remain for three years or more you’re resident from the date of arrival.
You’re also treated as resident if you’re in the UK for an average of 91 days or more in a tax year – worked out over a maximum of four consecutive tax years.
If you’re resident in the UK year after year you will normally be treated as ordinarily resident.
You’re treated as ordinarily resident in the UK from the date you arrive if it’s clear that you intend to stay for at least three years.
Go to the following link and you will find out if you need to complete a tax return.

http://www.hmrc.gov.uk/incometax/tax-arrive-uk.htm

ps:You ‘d better call HM REVENUE & CUSTOMS as you are ENTITLED to claim tax back for the first 6 months you worked in the Uk.

Good luck

Q: Approx how much should I set aside for TAXES if it is not coming out of my pay?
I will be making approx 90K a year. My dilemma is that I would like to know approx how much taxes I will be expected to pay (both federal and state). I live in MA where there is a 5% income tax. I have the maximum allowable deduction for school loan interest ($2500), and I will be filing jointly with my husband. I will be paying my own (and my husbands health insurance) approx $8500 a year for both of us. My work related expensive are about $4000 a year. My husband usually owes about 11K on his own of taxes after deductions (he is a partner in an LLC) a. We have no dependants. And cannot claim our mortgage interest/payment (another story!). I have some other small deductions but nothing too significant. What @ will I owe. I found an online irs fed tax calculator and added that number to my 5% state tax and got approx 9000+4500=13500. I feel like this is way to low and that I must be doing something wrong since my husband isn’t paying much less making 45K. Help!
PS I am a contractor which is why this pay isn’t taken out by my employer. As for the mortgage issue we legally do not own our condo. Our parents “bought” the place because we don’t have enough earning history (since I am just out of school). We pay the mortgage, but they are paying the taxes and taking the deductions for it until we get enough credit history to officially take over the mortgage at a decent rate

A: My question for you is:

If you don’t have withholding from your paycheck, what kind of “job” do you have? No one makes 90K under the table, so I suspect you’re self-employed.

If you are, you have to pay self-employment taxes above and beyond your income tax (15.3% of net business income). Along with this you will get about half of that in an income adjustment to reduce your taxable income.

Here’s a tax formula you can follow:

Total income from all sources
Minus adjustments:
…employment expenses
…adjustment for self-employment tax
…student loan interest
…self-employed health insurance
…any other adjustments (bottom front of 1040)
Result is your AGI

AGI
Minus standard deduction for a married couple ($10,300)
Minus exemptions for you, hubby, and other dependants ($3,300 each)
Result is taxable income

Taxable income * 25%
Result is how much you owe

How much you owe
minus any credit you qualify for on the reverse top of 1040
minus anything you paid in during the year
plus self employment tax

Result is how much you have to pay

All you have to do is make sure that the amount you have to pay, plus perhaps a small amount for error, is deposited with your bank for taxes by January 15.

Also, I made an assumption that you’ll be in the 25% tax bracket. If your taxable income will be between $74,200 and $154,800, you’ll be in the 28% bracket. (Your tax will actually be a little lower than this because I didn’t take the time to figure in the progressive lower brackets.)

********************
I find it hard to believe that you can’t deduct your mortgage interest and property taxes.

If you’re paying for a loan on your home, you get the deduction. Who told you that you can’t have it? The only way you can really lose something like this is in a divorce settlement, and I’ve never seen a person get a deduction for something they don’t pay for.

Q: How much will I bring home after taxes? ?
I make $3333.33 exactly before income tax, social security, FICA and all that jazz…I’m trying to estimate how much I’ll actually be able to bring home. I live in Virginia.

Can somebody give me a rough estimate or direct me to an on-line calculator? Thanks alot!!!
Sorry, its monthly, and I’m single..thanks though for all the help.

A: You have not given enough information. How often do you make 3333.33? Is this biweekly, monthly, semimonthly? Your actual take home will depend on the number of exceptions you took. Social Security and medicare will be 7.65%. The highest income tax rate in VA is 5.75%. If this is biweekly pay and you are single, you are probably in the 28% tax bracket – of course this will depend on home mortgage deduction, 401(k) and other pretax contributions.

Q: how much should i pay for rent if my income is $2364 a month (after taxes)?
Does anyone know if there is some kind of budget calculator out there?

My current bills add up to $1941 right now with a $700 a month rent for a 2BR apartment.

Trying to decide if it would be worth it to move. My AC sucks!

Thanks!
current bills include my $700 rent.

A: One week income is the norm. When you state that your bills add up to $1941 does that also include food, entertainment, surprise expenses or are you only including those outstanding utilities, cable, credit cards, etc. in addition to your rent? if you are only including the latter you don’t have a lot of wiggle room with your present rent. A one bedroom apartment sounds more reasonable with your net salary.

Q: My partner is a student and exempt from council tax, I have no income. What do I do?
My partner is 31 and a full time student. He also works part time earning around £700pm after tax and supports myself and our 1 year old son. I had a part time job (earning around £350pm), but am currently on maternity leave (second baby due in 8 weeks) and in the meantime have no income (didn’t qualify for maternity pay).

Anyway, I recently received a council tax bill. I have a single person disregard discount (presumably because my partner is exempt)… but no means with which to pay it! I’m aware there is council tax benefit, but when I did the online benefits calculator we qualify for nothing because of my partner’s income.

So does this mean even though he’s a student and is exempt, he still has to pay it because I’m liable and we’re a couple? And if he refuses to pay it, where does that leave me?

Any help appreciated… thanks.

A: You may still qualify for certain housing and council tax benefits, the online calculators cannot always take every details into account.

I think given that you probably also get child tax credits / child benefits this may also contribute toward your total income as a couple.

Best thing to do wold be to go into your local council office and enquire in person.

Your partner is not liable for council tax payments now as he is disregarded (as a student), you are the sole liable party now with a 25% discount.

Q: Wages after tax?
Hi!

Ive seen loads of income calculators online, but they all want to know your salary.

I have started a weekend job over the xmas period ( 14 hours a week ) and the pay is £5.52 per hour, does any one know how much tax I will get on this?
HI thanks for replys.

I also work full time on a salary. does this mean i will get taxed and how much will it be?

Cheers

A: Try this -

http://www.digita.com/taxcentral/home/employment/payslipcalculator/default.asp

Found in response to another question on this site! You can add wages for the week. I’ve found it a good guide, but not totally accurate – you will also need your tax code.
Good luck with the job. Hope this helps.

Q: Is, annual income calculated before or after taxes?
I’ve always been curious, I’ve never had a credit card, and I do want to eventually buy a house in the next 6 months. When I look at all the applications and calculators it says, “Whats your annual income?” Well is this before or after taxes? Net or gross? If it means gross thats awesome because then I qualify for a way better house than what my net is obviously. lol Also, why is this calculated the way it is? I can EASILY afford $1,500 payments along with all my other expenses yet its as if its sitting me on the edge?
Thanks for the reply, you got confused on one thing though, I was talking about $1,500 monthly mortgage not credit card debt. I have no debt, I have no credit card. I was just curious to why when my take home net pay is $4600 monthly that when I use the qualifying calculators on bank websites for loans it says I am barely edging territory for $1,500 a month house payments, which is roughly a 250k house. Which is really all I want, but I mean, I make well more than enough to afford more so I just didn’t understand why every calc. I use seems to say this.

A: Annual pay means gross, before taxes. When qualifying for a mortgage though, they’ll take any other expenses into consideration.

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