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 Merlo Your Own Question
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
Type Your Tax Question Here...
Merlo is online now
A new question is answered every 9 seconds

I will receive $3,200 a month for my retirement pay. How much

Resolved Question:

I will receive $3,200 a month for my retirement pay. How much in state and federal taxes will I have to pay. How much will I get after taxes?
Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.

Can you please tell me what state you live in?

Also, do you file your taxes as married or single?

If you are married, will you and/or your spouse have any other income in addition to this $3,200 per month?

Customer: replied 8 years ago.
CA, single, no additonal income
Expert:  Merlo replied 8 years ago.
Will you also be receiving any SS benefits? If so, how much?

Also, are you over age 65?

Customer: replied 8 years ago.
I already answered. I will receive NO SS benefits. I will be 60 when I retire.
Expert:  Merlo replied 8 years ago.
Hello again B,

Thank you for the additional information. The only reason I double checked with you on the SS income is because some people are under the impression that never needs to be included when figuring taxable income, so I just wanted to double check to make sure you were not receving SS benefits.

As a single person under the age of 65, you will have a standard deduction of $5,700 and one personal allowance of $3,650. This will bring your taxable income down to $29,050 for the year. Your federal tax on that amount will be $3,940 and your California state tax will be $790. This will leave you with net income of $33,670 for the year.

If this was helpful please press the Accept button.

Thank you B, and let me know if you have more questions. I am happy to help you with whatever I can.

Merlo and other Tax Specialists are ready to help you