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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3869
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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We just moved back to CA after being away for nine years.

Resolved Question:

We just moved back to CA after being away for nine years. We need a CA CPA but have an initial question. What is the general formula for determining the CA State Income Tax?
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.

Rakhi Vasavada :

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you. Kindly remain online as I prepare your reply.

Rakhi Vasavada :

Normally the tax rate is a certain % of your income with the State charges and it is flat % of your income and it varies on your income levels and your filing status.

Rakhi Vasavada :

For 2013, --- California Income Tax Rates as of 2013 for single and married filing separately taxpayers:

Rakhi Vasavada :

1% on the first $7,455 of taxable income.
2% on taxable income between $7,456 and $17,676.
4% on taxable income between $17,677 and $27,897.
6% on taxable income between $27,898 and $38,726.
8% on taxable income between $38,727 and $48,942.
9.3% on taxable income between $48,943 and 250,000.
10.3% on taxable income between $250,001 and 300,000.
11.3% on taxable income between $300,001 and $500,000.
12.3% on taxable income between $500,001 and $1,000,000.
13.3% on taxable income of $1,000,001 and above.

Rakhi Vasavada :

You will arrive at your taxable income and then apply the above % to it as CA State Tax.

Rakhi Vasavada :

What is your annual "taxable" income ?

Customer:

Sorry, I didn't tell you I am married and we file jointly.

Customer:

Roughly $130K

Rakhi Vasavada :

So, your CPA is correct. The following rate would apply.

9.3% on taxable income between $48,943 and 250,000.

Rakhi Vasavada :

I agree that it is awfully high, but CA has one of the highest rates for State tax.

Customer:

Is there much of a difference if I file jointly with my husband and our combined income is roughly $130K?

Rakhi Vasavada :

No, there wont be much difference. The rate would remain same.

Rakhi Vasavada :

Do you read my reply ? I had lost connectivity for a while...!

Rakhi Vasavada :

No, there wont be much difference. The rate would remain same.

Rakhi Vasavada :

Hello are you there ? Can you read my reply ?

Rakhi Vasavada :

I am more than sure this would help. You may please leave a positive rating if this helped as this is the only way we are compensated for helping you. Alternatively, please feel absolutely free to revert back with a reply if you need further assistance.

Warm Regards,

Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3869
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Rakhi Vasavada and other Finance Specialists are ready to help you
Expert:  Rakhi Vasavada replied 1 year ago.
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