Tax FAQ
 

What Do I Subtract If I Want To Calculate Federal And State Tax?

Question by TK | Posted in United States

So, let's say I'm sly federal tax that I need to pay. Do I need to subtract state tax, medicare tax and social security tax from my takings and calculate it base on that amount or do I calculate it on the value that's show on my W2 Box 1?

The same applay for state tax. Do I subtract federal income tax, etc etc tax out of my income?

Answer: I’m Laura and I effort for TurboTax. It sounds like you may have more than a couple of questions about your taxes. I would suggest using TurboTax to train your return. There are several different versions (depending on your needs) including a FREE account. TuboTax has an interview where you are asked questions and the answers are transferred to the correct trade on your tax return. You don't need to know about taxes to do your taxes with TurboTax.

If you decide to try preparing
 
 

On A Small Business, Do I Calculate Federal Taxes After I Pay Sales Tax?

Question by No Name | Posted in United States

I own a nugatory business and that's my only income. I need to know if I can calculate the federal taxes I have to pay by April 15 after deducting sales tax and/or concern bills from the gross income.

Answer: You subtract ALL business expenses (including sales tax) first. You then pay income taxes and FICA based on your Net Profits (proceeds).

Best wishes and good luck.

p.s. with self-employment income from a house you need to be making quarterly tax payments.

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How To Calculate Federal & State Tax From My Paycheck?

Question by tygger | Posted in United States

Say I made 100k per year and get paid bi-weekly, how would I calculate how much I would move on each paycheck???

I would have the standard deductions of 2 for both State and Federal tax exemptions. My state would be Virginia.

How do I enumerate out what my paychecks would look like before any insurance and 401k deductions?

Thanks

Answer: Use the paycheck adding machine:


http://www.paycheckcity.com/netpaycalc/n etpayCalcResult.asp

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I Need Help Using The IF Formula To Calculate Federal Tax Please?

Question by Eddie B | Posted in Software

Ok here's the info:

Take upon oneself the gross is under J3.
If the gross is under 500, it is 10% of the gross.
If the gross is between 500 and 1000, it is 50+15% of the bulky over 500.
If the gross is over 1000, it is 125+20% of the gross over 1000

Ok so how do I use that info and put in the formula.

Answer: if you have to use a nested if() asseveration with these calcs, then
copy&paste this

=IF(J3<500,J3*0.1, IF(J3<1000,(J3-500)*0.15+50, (J3-1000)*0.2+125))

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How Federal Tax Is Calculated For Whithholding From Paycheck?

Question by Azhar | Posted in United States

I join of related questions:

1- Is there a formula that is used to calculate federal tax that is going to be whithheld from every paycheck? I have found out it is based on W-4 form enteries, frequency of the paycheck (weekly, biweekly etc) and the tax category related to the taxable income but can someone please tell me what that formula is in terms of math denotation/language? e.g. tax to be withheld = a x b/xy where a, b, x, y are various variables and what those variables are.

Answer: Employers use IRS Pub 15 to calculate withholdings. You can get a echo at the IRS website.

FICA is a flat 7.65% of gross income. 401(k) contributons are NOT exempt from FICA although revenues for income tax purposes is.

Federal income taxes are withheld from gross income after deducting pre-tax decuctions for retirement plans, healthfulness insurance, or pre-tax cafe plans. FICA is NOT deducted from gross income to calculate return tax withholding.

State

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Calculate Property Tax
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by Finance

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