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Lane
Lane, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3708
Experience:  Providing Financial & Tax advice since 1986
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Married filing jointly and mattief filing separately. Husband

Resolved Question:

Married filing jointly and mattief filing separately.

Husband is making 96, 000 per year. Wife makes zero.

Two under 18 children at home.

Job in staton island, NYC residence Sayersville, nj

Mortgage intetest 20000 per year on personal residence.

How much tax approximately will be due in 2013 in either of the filing scenarios?
Submitted: 10 months ago.
Category: Tax
Expert:  Barbara replied 10 months ago.

Welcome and thank you for giving me the opportunity to assist you with your tax question.

 

Based on the information contained in your question, the approximate tax liability for MFJ would be $8194 and for MFS would be $12099.

 

Please let me know if I can assist you further.

 

Thank you and best regards,

Barb

Customer: replied 10 months ago.
And that is fed plus state plus city?
Expert:  Barbara replied 10 months ago.

Federal only.

 

With all due respect, the amount offered as payment in your initial question was underpriced as to the federal estimates, and your initial question did not mention federal plus state plus city. Please post the state and city as a separate question.

 

Thank you.

 

Barb

 

 

Customer: replied 10 months ago.
I think you need to check with the JA management/support on this.

I did not ask specifically for federal so I should have received all taxes. I have no problem posting another question but then JA will ban me and i will have to go thru the explanation that experts are forcing me to ask multiple questions.

Up to you. It does not cost me to post one question for fedn another question for state and yet another question for the city taxes. I pay monthly. :)

It is the JA management/support that has issues with multiple related questions.

Thanks
Expert:  Barbara replied 10 months ago.

I will submit this issue to customer service.

 

Your initial question asked for the approximate tax that would be due in EITHER scenario and I provided the approximate tax that would be due for BOTH.

 

I will opt out and let another expert assist you further.

 

Thank you.

 

Barb

Expert:  Lane replied 10 months ago.


Married Filing Jointly (State and Federal is Side by Side. See below BOTH projections for City tax)

Income Tax CalculationsNew YorkFederal
Gross Income$96,000.00$96,000.00
Deductions for AGI($0.00)($0.00)
Adjusted Gross Income (AGI)$96,000.00$96,000.00
Deductions and Personal Exemptions
Itemized Deduction($27,319.00)($27,319.00)
Personal Exemptions (Four dependents)($0.00)($15,200.00)
Personal Exemptions (Two filer exemptions plus two dependents)($2,000.00)($0.00)
Taxable Income$66,681.00$53,481.00
Federal Income TaxShow Calculations$7,152.15
New York Income TaxShow Calculations$3,766.15
Additional TaxesN/AN/A
Gross Tax$3,766.15$7,152.15
Tax Credits & Payments
Child Tax Credit (Two qualifying children, eligible for full credit)($0.00)($2,000.00)
Owed Tax$3,766.15$5,152.15
Gross Income$96,000.00
Total Tax (Pre-Credits)$10,918.30
Total Owed Tax$8,918.30
After-Tax Income$87,081.70
Effective Tax Rate11.37%

Annotations

  • You have two dependant children who qualify for the Child Tax Credit, and you qualify to receive the full credit of $1000 per child.
  • New_york places restrictions on your itemized deduction, and does not allow all of the itemized deductions allowed on your federal tax return. This calculator does not take these limitations into account.

CITY TAX = 2709

 

 

 

MARRIED FILING SEPARATELY

 

 

Income Tax CalculationsNew YorkFederal
Gross Income$96,000.00$96,000.00
Deductions for AGI($0.00)($0.00)
Adjusted Gross Income (AGI)$96,000.00$96,000.00
Deductions and Personal Exemptions
Itemized Deduction($28,565.00)($28,565.00)
Personal Exemptions (Three dependants)($0.00)($11,400.00)
Personal Exemptions (One filer exemption plus two dependants)($2,000.00)($0.00)
Taxable Income$65,435.00$56,035.00
Federal Income TaxShow Calculations$10,038.75
New York Income TaxShow Calculations$4,085.30
Additional TaxesN/AN/A
Gross Tax$4,085.30$10,038.75
Tax Credits & Payments
Child Tax Credit (Two qualifying children, credit amount phased-out to $0 per child)($0.00)($0.00)
Owed Tax$4,085.30$10,038.75
Gross Income$96,000.00
Total Tax (Pre-Credits)$14,124.05
Total Owed Tax$14,124.05
After-Tax Income

$81,875.95

 

 

 

 

 

CITY TAX HERE is 3037

Expert:  Lane replied 10 months ago.

 

 

Because the formatting did no transfer well, I'll summarize here for you,

 

Married Filing Jointly

State Federal

Gross Tax

$3,766.15

$7,152.15

Two Child credits on federal side makes it …

Owed Tax

$3,766.15

$5,152.15

City: 2709

Married Filing Separately

State Federal

Gross Tax

$4,085.30

$10,038.75

No Child Care Credit here

City: 2709

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.

HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Expert:  Lane replied 10 months ago.
Let me know if you have questions

Lane
Customer: replied 10 months ago.
Am I paying ny sate tax plus nj state tax.

Also what is the city tax?
Expert:  Lane replied 10 months ago.


You'll pay NYC tax, but when you fill out your NJ taxes you'll take the credit for taxes paid to other states.

THe effect will be that you'll end up paying the higher of the two but not both

City: 2709 MFJ

City: 3037 MFS

(sorry there was a typo in the summary, but if you look at the original calculations you'll see the two different NYC taxes for the two filing statuses.
Lane, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3708
Experience: Providing Financial & Tax advice since 1986
Lane and 7 other Tax Specialists are ready to help you

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