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I will receive $3,200 a month for my retirement pay. How much in state and federal taxes will I have to pay. How much will I get after taxes?
Hello, Can you please tell me what state you live in? Also, do you file your taxes as married or single? If you are married, will you and/or your spouse have any other income in addition to this $3,200 per month?
CA, single, no additonal income
Will you also be receiving any SS benefits? If so, how much? Also, are you over age 65?
I already answered. I will receive NO SS benefits. I will be 60 when I retire.
Hello again B, Thank you for the additional information. The only reason I double checked with you on the SS income is because some people are under the impression that never needs to be included when figuring taxable income, so I just wanted to double check to make sure you were not receving SS benefits. As a single person under the age of 65, you will have a standard deduction of $5,700 and one personal allowance of $3,650. This will bring your taxable income down to $29,050 for the year. Your federal tax on that amount will be $3,940 and your California state tax will be $790. This will leave you with net income of $33,670 for the year. If this was helpful please press the Accept button. Thank you B, and let me know if you have more questions. I am happy to help you with whatever I can.
Accountant
25+ years tax consulting. Specializing in returns for US citizens living abroad