How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Mark D Your Own Question

Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 989
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
8056330
Type Your Tax Question Here...
Mark D is online now
A new question is answered every 9 seconds

I am retiring soon at the age of 52 from the state. My gross

Resolved Question:

I am retiring soon at the age of 52 from the state. My gross salary will be $7147.00 but my net pay without taxes will be $5574.66 what will be my tax table. I am singel, no children and no #ss at the age of 65. My tax for state and federal will be, also I am thinking of living in Vegas. I own a house there. I know there is no state tax, but what should be my exemption for tax should be taken from my pay check.

Thanks,
Felicia
Submitted: 4 years ago.
Category: Tax
Expert:  Mark D replied 4 years ago.
Felicia,

Could you please clarify what your question?

Regards,


Mark D
Customer: replied 4 years ago.

How much taxes should be taken out my retirement check, so I won't owe at the end of the year. Federal and State in California for a single, no children

Expert:  Mark D replied 4 years ago.
Felicia,

Thank you for the follow-up. Could you please tell me about any other income and itemized deductions?

Regards,

Mark D
Customer: replied 4 years ago.
I have a rental properties, but lost on rent. I am not making any extra income with them. I am living now with the mortgage is 2700 a month taxes property is 3500. I can look on my tax form on what line to give you a better understanding of figures.
Expert:  Mark D replied 4 years ago.
Felecia,

On your last return, what was the total itemized deduction amount?


Regards,

Mark D
Customer: replied 4 years ago.
It is $13,036.00
Expert:  Mark D replied 4 years ago.
Felicia,

One last question, my apologies for missing it above, what makes up the difference between your gross and net wages?


Regards,

Mark D
Customer: replied 4 years ago.
My gross is 7147.00 x 78%= 5574.66 net
Expert:  Mark D replied 4 years ago.
Felicia,

the amount you stated as mortgage payments and the total itemized deductions of last year do not seem right? Is the mortgage new, or is that for your rental?

Regards,

Mark D
Customer: replied 4 years ago.
Last year on four propertys the loss was 82,955 the unallowed loss was 57,955 and the allowed loss was 25,000
Expert:  Mark D replied 4 years ago.
Felicia,

Assuming all things constant and with the information provided, you would want to have around $230 Federal and $60 CA withheld each month to about break even. If you do become a resident of Nevada, you would discontinue the CA withholdings. Please let me know if you have further questions.

Regards,

Mark D
Customer: replied 4 years ago.
One more question I will receive about $30,000 from the state for vacation, hoilday pay they said, the tax on this will be at 33% is this correct?
Expert:  Mark D replied 4 years ago.
Felicia,

The withholding will be 33% but the actual tax rate will be based on your income tax return. In your case, you should see a refund of some of the 33% withholding when you file. Please let me know if you have further questions.

Regards,

Mark D
Customer: replied 4 years ago.
One thing, is it wise to not take taxes out and claim exempt and get the money now, and worry about oweing later, next year?
Expert:  Mark D replied 4 years ago.
Felicia,

Generally, if you owe less than $1K when you file, you will have no underpayment penalties. Even if you owe more than $1K, you still may not, but typically you would. For 2010, if you are having 33% withheld on the $30K payment, you should be okay to not have taxes withheld from the monthly check until next year. Please let me know if you have further questions.

Regards,

Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 989
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
Mark D and 5 other Tax Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.