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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13343
Experience:  15years with H & R Block. Divisional leader, Instructor
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Well we have had quite a year thus far. We sold our house,

Customer Question

Well we have had quite a year thus far. We sold our house, moved to a new city and bought a house, had our third child, My wife took a new job on Sept. 1 and I had to leave my job. We both were working for other companies up until her new job started and I am trying to calculate what our state and federal taxes and going to be for '09. The tricky part here is that my wife was given a large amount of money for a signing bonus and loan repayment, both of which were not taxed and will need to be claimed as income. I'm affraid we will have to pay a lot a money out of pocket to cover the taxes and want to make sure I am saving enough to do so. I found a federal rate calculator on the IRS website, but am having difficulties figuring out our state taxes. Do you know of anything online calculators for state of WI income taxes?
Submitted: 7 years ago.
Category: Tax
Expert:  Robin D. replied 7 years ago.
HelloCustomer
I too tried the old google search but since most states are slower than federal to make changes and they start with federal Adjusted Gross Income to make computations it is not easy to find a calculator for all.
I was able to come across a site that computes payroll withholding. Why is this so good you may be asking? Payroll withholding is simply paying taxes during the year and if you can calculate what you would owe in payroll on that amount then you would be able to see if you were very close to your possible tax due on return. Make sure that when you enter the pay periods per year you list 1 and the gross salary amount would be what you figure the additional income to be for the WI money.
I played around with it and found the calculations very close.

Here is the link:http://www.yourmoneypage.com/withhold/wi.php



I sincerely XXXXX XXXXX helps,
Robin D. and other Tax Specialists are ready to help you
Customer: replied 7 years ago.
I'll check it out. Thanks
Expert:  Robin D. replied 7 years ago.
You are welcome.