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Asked by: jmlcpl
$ 86,000 yearly salary
6 young children
Live in upper New York
3370 square foot home
Thanks and sorry for my stupidity!
Dude on Jun 13, 2012
Your income puts you in the 25% tax bracket. But that doesn’t mean you should be taxed 25% of the 86k. A few things to consider:
1) Do you own your home? Rent?
2) If you own, how much is the mortgage? How much of the payment is in interest?
3) Do you make any charitable contributions?
4) Are you filing jointly with your spouse or individually?
You can run through the IRS withholding calculator, if you want:
However, if you want the best advice, I would suggest hiring a professional accountant to assess this question. It sounds like you could probably get a lot of deductions, and save a lot of money, if done properly. The good news, you have 10 months until taxes are due again!
Now, to address your actual question of how much taxes are taken out of that paycheck… it will depend on what deductions you have in place on your 1040 – something an accountant can help you optimize. It will cost a few hundred dollars, but more often than not, you’ll save way more.
Tax law in the US is over 15,000 pages long… let someone who does it for a living help you out!
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Max on Jun 13, 2012
Since your married, you should figure the tax amount based on his pay and taxes already being withheld along with yours.
You should also determine what kind of tax check you want, do you want a refund, do you want your money through out the year.
I would not advise skimming it to the lowest, it usually results in monies owed.
How you and your husband has filled out your w4 will also be a factor in the amount of income tax withheld.
if you both filled it out already claiming exemptions and depending on how you filed your status on that w4 will be a major factor.
In order to figure you withholding properly you should include your husband’s and the w4 info, you can do this your self on the IRS website.
Go with God
Praveen on Jun 13, 2012
How much do you pay per month on your mortgage? 86K with 6 children in a big city like NYC isn’t much and it is almost just scraping by.
tro on Jun 13, 2012
$ 43700 is taxable with the information you provide, unless you own the home and use sch A, itemizing your mortgage interest etc.
this will probably be about $ 7000 income tax for federal, do not know your NY tax rates
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