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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28086
Experience:  Taxes, Immigration, Labor Relations
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Need to know how much additional taxes we will owe at the end

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Need to know how much additional taxes we will owe at the end of 2011. We are a recent retired couple trying to make sure we have enough with held to cover our taxes for 2011.

TAX ESTIMATE 2011
Social Security
Dan $19,824
Stevie 9,252

FRS(pension)
Drop 13,702
Dan 11,574
Stevie 5,100

Mut. of Amer. 1,878
MassMutual (June-Sept.) 6,052
MassMutual(Oct-Dec) 1,512

Stevie's Teacher Pay 34,901
(6 months)

Total Anticipated Income 74,719

Taxes already with held:
Stevie's Payroll deductions 7,126
Stevie's Drop 2,740

Total with held 9,866

LEV :

Hi and welcome to Just Answer!

LEV :

I am working on calculations... please stay with me...

Customer:

Nice to need you again. Let me know if you need additional information.

LEV :

Social Security – 85% will be taxable


Dan $19,824 – taxable $19,824*85%=$16850


Stevie 9,252 – taxable $9,252*85%=$7864


Total expected TAXABLE income - $70357


 


Assuming standard deduction, no dependents, no other deductions, and you both are under 65 – estimated tax liability $6900 minus $800 make work pay credit = ~$6100.


If you both are above 65 – estimated tax liability would be ~$5780.


So – if your income tax withholding is expected to be $9,866 – that will cover your liability and you will have a refund.

Customer:

That is wonderful news. Thanks. I would like to print this. Any idea how I do that?

Customer:

Just figured out how to do it. Thanks for the great and timely results.

Lev and other Tax Specialists are ready to help you