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mkc1959, Family Law Attorney
Category: Family Law
Satisfied Customers: 616
Experience:  Practicing attorney with 26 years of experience.
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if im entitled to 37 percent of my husbands yearly bonus approx.

Customer Question

if im entitled to 37 percent of my husbands yearly bonus approx. 75000 how much and 3600 in spousal support how much will i be taxed
Submitted: 4 years ago.
Category: Family Law
Expert:  BizAttorney replied 4 years ago.

BizAttorney :

Good evening! I can help you out with your legal question tonight. It will depend on what your income tax bracket is. Do you know what your effective tax rate was for last year?

JACUSTOMER-yvj8xbr8- :

My husband made over 350000 last year if that helps

JACUSTOMER-yvj8xbr8- :

how much should i set apart for april 15

Expert:  mkc1959 replied 4 years ago.
I am assuming your husband's total bonus is $75,000 and that you are entitled to 37 percent of the $75,000 so that you are entitled to $27,750.

Plus, you receive $3600 a month for a total of $43,200 per year.

These two together would provide a yearly income of $70,950.

Based on that the maximum amount of tax you should face would be 15% of the $70,950 or $10,642.50.

But please understand you should not be faced with paying the "maximum amount." This is because you should have deductions which will be subtracted from the $70,950 before calculating your tax.

If you have no other deductions, you would be able to claim a $3800 exemption for yourself and another $5950 as the "standard deduction." Based on that you would then only pay taxes on $70,950 - $3800 - $5950 which equals $61,200.

$61,200 times 15% would show a tax amount of $9,180.

Please let me know what other questions you may have. I am not asking for you to pay for this response until you are completely satisfied.