Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

Need to know how much additional taxes we will owe at the end

of 2011. We are a...
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
Show More
Show Less
Ask Your Own Tax Question
Answered in 26 minutes by:
8/1/2011
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,134
Experience: Taxes, Immigration, Labor Relations
Verified

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
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,134
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,134
30,134 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Suppose my taxable income in 220,000 this year and the tax
Suppose my taxable income in 220,000 this year and the tax rate is X up to 200K, but Y for 200and over, do I pay Y on the full 220K or just that above 200K? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Figure out how much is my tax liability + my capital gains +
Figure out how much is my tax liability + my capital gains + depreciation recapture tax … read more
Lev
Lev
Tax Advisor
30,134 satisfied customers
Under current law a 100,000 taxable income pays $10,365 plus
Under current law a 100,000 taxable income pays $10,365 plus 25% of the amount exceeding $79,400 i.e. about $16,000. Under tax reform will the tax be $25,000? … read more
Lev
Lev
Tax Advisor
30,134 satisfied customers
Does a go fund me account create a tax liability or is it
does a go fund me account create a tax liability or is it considered a donation? It is for assistance in covering medical bills. … read more
abci168
abci168
Principal
27 satisfied customers
If your taxable income is $0 (actually negative) is there a
If your taxable income is $0 (actually negative) is there a penalty for late filing? Do you need to file at all? What is the 2016 filing deadline with an extension?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
Sell of property tax liability. Ca. Bought home 25 yrs ago
bought home 400,000 selling 2.5 mil. Invested 500,000 owe 800,000… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,310 satisfied customers
My friend owes more than 25000 in tax liability for year
My friend owes more than 25000 in tax liability for year 2014 and filed his taxes in year 2017. Now the penalty and interest alone is around 15000 (including state's). Is there any possibility to get … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
When does the Florida sales tax liability due to the DOR'
When does the Florida sales tax liability due to the DOR' invoice & delivery or title registration with the county tag office? … read more
abci168
abci168
Principal
27 satisfied customers
I am looking for information about my tax liability if I
I am looking for information about my tax liability if I were to move to sweden on my retirement incomes. I think I have the USA portion figured out, it is the Swedish tax that I am concerned with … read more
Lev
Lev
Tax Advisor
30,134 satisfied customers
I'd like to know the tax liability of having a trust fund on
I'd like to know the tax liability of having a trust fund on my name? … read more
Lev
Lev
Tax Advisor
30,134 satisfied customers
Undistributed taxable income previously taxed. Have 3
Undistributed taxable income previously taxed. Have 3 shareholders with balances due to them from previous years. Can it be paid all in one year to bring their amounts owing to zero until the next pro… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I have a question regarding estimating a tax withholding on
I have a question regarding estimating a tax withholding on retirement distribution … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I am trying to figure out the tax liability if I utilize my
I am trying to figure out the tax liability if I utilize my Thrift savings account to pay off my mortgage. … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
I'm looking to understand my tax liability with incentive
I'm looking to understand my tax liability with incentive stock options vs. non-qualified stock options.… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
If my deductions are less than the standard deductions and I
If my deductions are less than the standard deductions and I have no taxes to file do I need to file. … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Please estimate my IRS and CA-540 tax liability for 2017.
Please estimate my IRS and CA-540 tax liability for 2017. Plan to file, "Married filing separately" Gross salary income: $185,000. I will take early withdraw from IRA and 401K funds towards purchasing… read more
Lev
Lev
Tax Advisor
30,134 satisfied customers
Shouldn't my standard deduction lower the amount of taxes I
Shouldn't my standard deduction lower the amount of taxes I owe? … read more
Lev
Lev
Tax Advisor
30,134 satisfied customers
Solar Energy credit. If you have no tax liability the year
Solar Energy credit. If you have no tax liability the year installed, my understanding it rolls over to the next years until used up or until the credit is still available. Is this correct? If someone… read more
Lev
Lev
Tax Advisor
30,134 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x