Have a Tax Question? Ask a Tax Expert
Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
How are you today?
What is your age, and filing status?
About how much is your other income for the year?
I can say if you are under 59.5 you will pay a $400 penalty. As for the tax, it all depends on your situation.
46 Age I got married in July this year so not totally sure on the status My personal income is about 14,400 a year if that I have had some health isues this year.
You will be married. What is your spouses income?
This will help me determine which tax rate you are in
His is around $60,000 I think. We will only have been married half the year though when we file
It doesn't matter - if you got married on december 31 you are considered married the entire year for tax purposes
let me run a calculation for you.
You are in the 15% tax bracket, so your tax would be $600
So you have $1,000 of federal taxes let me calculate state
Your PA tax would be $122.80
So you have $1,122.80 in taxes
Is there anything else that I can assist you with today?
So $1122.80 in taxes plus the $400 penalty?
No that includes the penalty
So pretty much any amount I take out the penalty and the federal tax would be about 15% right?
Yes, the penalty is 10% and the tax is 15%
You have $600 in tax, $400 in penalty for a total of $1,000
So federal will be 25%
if you add penalty and tax together
Oh I meant 25% so what is the percentage on PA state for my tax bracket?
PA is 3.07%
Ok thank you I can work with that. Just moved from VA and not sure what the story was here. HAve a great day
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