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How is the California state income tax calculated? I have…

How is the California state...
How is the California state income tax calculated? I have approximately $55,000 of income before deductions. I am married filing jointly.
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Answered in 1 minute by:
12/4/2017
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,408
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. I can prepare a quick projection if I can get a little bit more information. What is your source of income (wages, investments, Social Security etc.)?

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California state taxes are calculated similar to federal where you have either a standard deduction or itemized deduction and personal exemption amounts.

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Customer reply replied 5 months ago
$15,000 of W-2 income and $40,000 of soul proprietor small contractor income.

Ok, please give me a few moments.

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The taxes came to just under $850.

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Customer reply replied 5 months ago
OK thank you. Can you give me a basic idea of how it is calculated?

You take your federal adjusted gross income (AGI) which is around $52,174. Then you would deduct California's itemized deduction of around $8,250. This gives you a taxable income of $44,000. This would be taxed based on the brackets that the income fall in. The 1st $15,700 is taxed at 1%. The next $21,500 is taxed at 2%. The remaining amount is taxed at 4%. You also receive an exemption credit of $111 per individual or $222. I round a few of these amount so they may vary slightly.

Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,408
Experience: Certified Public Accountant
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