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Posted by joetaxpayer on August 29, 2008, 10:57 am
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My interest wrote:
> I am doing some ballpark tax estimation for various scenarios, but
> somewhat fell the result is not correct. Can anybody help to verify
> it?
>
> To make it simple, assume wage income $100K, No other income, 401K
> deduction etc. Standard deduction 15K, allowance 3K (married with 1
> child). This results in 11.5K Fed Tax, 3K Medi tax, 6K SSN tax, plus
> whatever state + local tax, if any. That's about 25% all-inclusive
> cut.
>
> Is it correct? I don't need to be absolutely accurate to penny, just
> some rough estimate is good enough.
see http://www.fairmark.com/refrence/index.htm
STD deduction = $10,900
Exemptions = $3500*3 = $10,500
Taxable $78,600
Tax = $12,337 Fed.
Marginal Rate = 25%
Effective rate on gross income 12.3%
Joe
www.blog.joetaxpayer.com
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