ballpark tax calculation


M

My interest

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.

Thanks.
 
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J

joetaxpayer

My said:
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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