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TaxMomNJ
TaxMomNJ, Senior Tax Advisor
Category: Tax
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Experience:  7 years experience with tax preparation company, over 500 hours of tax courses taken
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my income is $38000. What is my tax

Customer Question

my income is $38000.   What is my tax?
Submitted: 5 years ago.
Category: Tax
Expert:  TaxMomNJ replied 5 years ago.

Fsch,

 

Is $38,000 your only income?

Are you married?

Do you have dependents?

Do you own a home?

Do you have any other deductions?

Customer: replied 5 years ago.
That will be my 2009 income from partial year SS, taxable investments and a little salary. I'm married w/no other dependents. Own my house clear. Paying 2009 property tax this year because i have half year income this year (retired 4/30/08) and not much in 2009. Will itemize for 2008. May not have enough to itemize in 2009. Thanks
Expert:  TaxMomNJ replied 5 years ago.

You would like to know how much your tax will be for 2009. Correct?

 

I will need a breakdown from you.

What amount will be SS?

What are your investments? What portion of the $38,000 come from them?

You say "a little salary" but you mentioned you have retired in 2008. Do you mean a pension?

Customer: replied 5 years ago.
$25000 in SS, $13000 in wife's salary, $18000 in taxable investment income (sorry i mess up initially on total. No pension. I guess more my question is how much to i need to pay for my quarterly payments. We will have withholding on salary & SS. I have another $30000 in tax free income from double tax free bonds (no KS state tax) Thanks
Expert:  TaxMomNJ replied 5 years ago.

Your SS is going to be partially taxable. Half of the SS benefits are added to your other income, including income excluded from tax. If that amount is over $32,000 (for married filing joint in 2007), part of your benefits will be taxable.

 

I used the tax calculator on hrblock.com (http://hrblock.com/taxes/tax_calculators/index.html) and input the figures you have given me. Remember, this is a tax year 2007 estimate.

 

It appears if your spouse has 11% of her pay withheld for federal taxes, you will not need to have taxes withheld from your SS. It will cover the entire amount of taxes you owe for the year. This is calculating that $5,750 of your SS will be taxable.

 

This answer may need to be adjusted in 2009, depending on the standard deduction amount and personal exemption amount. However, if your figures remain the same (and are not more), the amount of tax that needs to be withheld will be less (as the standard deduction and personal exemptions amount increase every year).

 

Please let me know if I can help you further.

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