Have a Tax Question? Ask a Tax Expert
If your gross income is $65,000 and you contribute $2,000 to a 401k plan, that brings your taxable income down to $63,000. After applying your standard deduction of $5,700 and one personal allowance of $3,650, that leaves you with taxable income of $53,650 for the year.
Your federal tax on that amount would be $9,594.
Thank you dantee
Hello again dantee,
I based your taxes on earning a full $65,000 for the year.
Do you have your last paycheck stub handy or your W-2 form that shows the actual amount of your taxable wages with the 401k contributions not included.
You cannot just figure a percentage of the tax I gave you as the brackets will change.
Yes, that is very helpful.
After pre tax deductions, your gross reportable income is $33,926. After applying your standard deduction of $5,700 and your one personal allowance of $3,650, that gives you taxable income of $24,576. Your tax on that amount will be $3,261.
You paid in $4,648 in federal taxes so you should get a refund for $1,387 from the IRS.
In addition, it looks like you over paid your Wash DC taxes and should get a refund from them for around $514.
This is all based on the assumption that the earnings you had from your job are the only income you have for the year. If you have any other earnings at all from investments or unemployment benefits, this will increase the amount of taxes you owe.