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Matt Kesler
Matt Kesler, Accountant
Category: Tax
Satisfied Customers: 2734
Experience:  BS in Accounting and BS in Finance
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What can I expect taxes witheld on a $80,000.00 and ...

Customer Question

What can I expect taxes witheld on a $80,000.00 and $85,000.00 a year salary? Please provide details and breakdown.Fed income tax withheld,Social Security wages, SS tax witheld, Medicare wages and tips,Medicare tax witheld, NY state income tax
Submitted: 9 years ago.
Category: Tax
Expert:  Matt Kesler replied 9 years ago.
I just have two quick questions to provide an accurate calculation.

First, do you know how many allowances you plan to claim for withholding?

If you aren't sure please let me know how many children, if any, you carry as dependents for tax purposes.
Customer: replied 9 years ago.
Reply to Matt Kesler's Post: Yes, I claim 5 dependents.
Expert:  Matt Kesler replied 9 years ago.
OK. Here are the two calculations on a total for the year basis. I can also break these down by pay period if you'd like. Just let me know how often you'd be paid.

Annual Gross Pay - $80,000.00

Federal Withholding - $11,627.00
Social Security     - $4,960.00
Medicare - $1,160.00
New York - $4,262.71
NY SDI - $31.20

Net Pay - $57,959.09


Annual Gross Pay - $85,000.00

Federal Withholding - $12,877.00
Social Security - $5,270.00
Medicare - $1,232.50
New York - $4,605.21
NY SDI - $31.20

Net Pay - $60,984.09
Matt Kesler and 2 other Tax Specialists are ready to help you
Customer: replied 9 years ago.
Reply to Matt Kesler's Post: I get paid on a monthly basis. This information is very helpful. Thank you for your promt reply
Expert:  Matt Kesler replied 9 years ago.
You are very welcome. Here would be your estimated data based on a $80,000 annual salary for each monthly paycheck.

$80,000 a year
Monthly Gross Pay - $6,666.67

Federal Withholding - $968.92
Social Security - $413.33
Medicare - $96.67
New York - $355.23
NY SDI - $2.60

Net Pay - $4,829.92


$85,000 a year
Monthly Gross Pay - $7,083.33

Federal Withholding - $1,073.08
Social Security - $439.17
Medicare - $102.71
New York - $383.77
NY SDI - $2.60

Net Pay - $5,082.00


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Customer: replied 9 years ago.
Thank you for the details.

Can you provide the same information for $65,000.00 with same breakdown?
Expert:  Matt Kesler replied 9 years ago.
Yes, here it is.

Monthly
Monthly Gross Pay - $5,416.67

Federal Withholding - $656.42
Social Security - $335.83
Medicare - $78.54
New York - $269.60
NY SDI - $2.60

Net Pay - $4,073.68


Annually
Annual Gross Pay - $65,000.00

Federal Withholding - $7,877.00
Social Security - $4,030.00
Medicare - $942.50
New York - $3,235.21
NY SDI - $31.20

Net Pay - $48,884.09
Customer: replied 9 years ago.
Thank you again for all your help
Expert:  Matt Kesler replied 9 years ago.
You are very welcome. If you ever need anything feel free to drop back by. We have experts for car repair, legal issues, taxes, medical problems, pet care, and even relationship issues and we'd all be glad to help!