2013 HHI and paid tax

[Anonymous]

Anonymous wrote:Married filling joint
Gross HHI 143K
AGI 133K
Taxable Income 89K
Fed tax 28K
MD tax 8K

Tax bracket 25%

How is your federal tax 28K if you taxable income is only 89k? your tax should be 9,982 +(89,000-72,500)*25% = 14,108. You must have gotten a nice refund if the 28K you listed was the tax withhled during the year not the tax actually due.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Married filling joint
Gross HHI 143K
AGI 133K
Taxable Income 89K
Fed tax 28K
MD tax 8K

Tax bracket 25%

How is your federal tax 28K if you taxable income is only 89k? your tax should be 9,982 +(89,000-72,500)*25% = 14,108. You must have gotten a nice refund if the 28K you listed was the tax withhled during the year not the tax actually due.

Nope, we owed actually. My H is self employed, so maybe that's why? I know he pays some sort of "self employment tax". I don't know much about taxes, we have an accountant that does them, but I wasn't thinking we would owe so much, since we made so much less last year. We were pretty surprised.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Married filling joint
Gross HHI 143K
AGI 133K
Taxable Income 89K
Fed tax 28K
MD tax 8K

Tax bracket 25%

How is your federal tax 28K if you taxable income is only 89k? your tax should be 9,982 +(89,000-72,500)*25% = 14,108. You must have gotten a nice refund if the 28K you listed was the tax withhled during the year not the tax actually due.

Me again, I just took a look at our "tax work sheet". The exact numbers are

Taxable income: 88,962
Tax: 14,661
Self Employment Tax: 13,222
Total Tax: 27,883

[Anonymous]

People always underestimate how much other people pay in taxes (except for those gazillionaires who earn no taxable income and Exxon or GE--who really do (legally) underpay).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Married filling joint
Gross HHI 143K
AGI 133K
Taxable Income 89K
Fed tax 28K
MD tax 8K

Tax bracket 25%

This is me, what really sucks is that we made over $30,000 less this year, but only owed slightly over $2,000 less in taxes than last year. *sigh*

Vote for someone who believes in smaller federal government in 2018.

PP here, I always do

[Anonymous]

Anonymous wrote:$1.125 HHI

$425K - Fed

$68K state

32.6% effective

Have '0' for both witholdings and still had to stroke a check for $90K

You need to increase withholding, you can specify a dollar amount. The IRS has a calculator that helps you figure out how much but you might want to hire an accountant at your income level. Don't you get penalties when you owe that much at tax time?

[Anonymous]

Anonymous wrote:

Anonymous wrote:$1.125 HHI

$425K - Fed

$68K state

32.6% effective

Have '0' for both witholdings and still had to stroke a check for $90K

You need to increase withholding, you can specify a dollar amount. The IRS has a calculator that helps you figure out how much but you might want to hire an accountant at your income level. Don't you get penalties when you owe that much at tax time?

I would guess that a lot of this comes from partnership income or some sort of non W2 earnings. You're required to pay taxes on that as it's incurred b/c the employer is not paying it from payroll. I send quarterly checks into fed and state ... and it sucks!

[Anonymous]

HHI: 300k
Fed taxes: 60k
DC taxes: 20k

Very happy to this as long as I see value and good management...which i increasingly doubt.

[Anonymous]

AGI $186k
Fed tax $26k
VA tax $8k

[Anonymous]

AGI: $360k (or so)
federal tax: $90k (about $10k was household employee tax.)

don't remember (MD) tax but it was commensurate, minus the household tax.