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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12488
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If my pension check is a gross 16,667.00 per month. What

Customer Question

If my pension check is a gross 16,667.00 per month. What taxes will be taken out ? What should I expect my net spendable income will be?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: My question is above this line
JA: Is there anything else important you think the Accountant should know?
Customer: I live in ca. And will have to pay state tax. I want an idea of how much will be left for my monthly expenses?
Submitted: 10 months ago.
Category: Tax
Expert:  Lane replied 10 months ago.

Hi. My name’s Lane … I can help here

I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.


Please let me know how you file (single filer or married filing jointly) tax brackets are different.


Once you let me know, I'll run the numbers for you

Expert:  Lane replied 10 months ago.

OK, while I'm waiting, Here's what the numbers look like for a single filer with no dependants


Income Tax Calculations



Gross Income$200,004.00$200,004.00

Deductions for AGI($0.00)($0.00)

Adjusted Gross Income (AGI)$200,004.00$200,004.00

Deductions and Personal Exemptions

Standard Deduction

Personal Exemption
(One dependant)($0.00)($4,000.00)

Personal Exemption
(One filer exemption)($106.00)($0.00)

Taxable Income$195,992.00$189,704.00

Federal Income TaxShow Calculations $46,208.57

California Income TaxShow Calculations$15,738.49

Additional Taxes

(Payroll social security tax on $118,500, see note)($0.00)($7,347.00)

Medicare Tax
(Payroll medicare tax on $200,004)($0.00)($2,900.10)

Gross Tax$15,738.49$56,455.67

Tax Credits & PaymentsN/AN/A

Owed Tax ..... State: $15,738. Federal: 49$56,455.67



Gross Income ... $200,004.00


Total Tax (Pre-Credits) ... $72,194.16


Total Owed Tax ... $72,194.16


After-Tax Income ... $127,809.84


Effective Tax Rate ... 36.1%



  • Your taxable earned income is greater than the current FICA wage cap of $118,500. Any wage income over this amount is not subject to social security taxes (but is subject to Medicare taxes).
  • As of 2013, an Additional Medicare Tax of 0.9% is applicable to all earned income over $200,000 for your filing type. You owe a total of $0 in Additional Medicare Tax (this is included in your Medicare Tax total).
Expert:  Lane replied 10 months ago.

Please Let me know if you have ANY questions, OR if I need to run for a different filing status (this one was single ) before rating me.

But if this HAS helped, and you don’t have more questions on this, … I would appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

Otherwise I won’t be compensated for the work here.

Thank you!