FL 2009 tax table anyone?

[newholidayx2]

Lets say I grossed $112,888 and paid $17,050 in taxes last year
How much more will I owe in taxes as a single person?
and can i sign up to pay this quarterly?

(I took out a lump sum from Fidelity when moving to FL. I know it screwed me tax wise)

 

[okeydokey]

FL doesn't have a state income tax so you are actually looking for a federal table.

 

[newholidayx2]

does anyone have the fed table?
thank you

 

[wdwfan16]

$82,250 - $171,550
$16,750 + 28% of the amount over $82,250


112,888-82,250 = 30,638

28% is $8578.64

For a total tax liability of $25368.34.

The 112K is your gross. There will be deductions so the actual amount will be less. Without knowing your deductions it is impossble to know the exact amount.

Basically every $1 you deduct up to 30,638 will reduce your federal deduction by 28 cents.

Did you move into FL in 2009? If so then you may have to file a state income tax return for your previous state.

The standard deduction for a single person is $5700. If reduced your taxes by $1596.

At this point you have only paid $17,050. That would be $1071 over the $82,250.

Also not that if you did not pay 90% of your tax burdon in 2009 that you may also have to pay a penalty too.

 

[Free4Life11]

http://www.dinkytown.net/java/Tax1040.html

With wages of $112,888 and 1 exemption, the taxes are $22,711.

That's a pretty good calculator but when you are dealing with that kind of money, you really need to speak with a professional. When you say you withdrew money from Fidelty, then I assume it may be an investment or retirement account so there could be additional taxes/penalties.

 

[PeterPan09]

Don't they take the taxes out up front when you make a withdrawal?

 

[PixieTopaz]

My sister paid a big penalty when she cleaned out her 401k
I'd go to H&R Block for help

 

[jlewisinsyr]

Don't they take the taxes out up front when you make a withdrawal?

Usually they will take out the minimum required, but not your actual tax liability. Withdrawing from a retirement account can be a VERY costly mistake between taxes and penalties.

 

[PeterPan09]

Usually they will take out the minimum required, but not your actual tax liability. Withdrawing from a retirement account can be a VERY costly mistake between taxes and penalties.

Well, I'm thinking that in this economy there were more than a few people who were forced into that mistake due to lost jobs. There really should be a waiver of penalties for people who lost their jobs and used that money to pay mortgages and bills. I can see penalizing someone for taking the $$ out for a Concierge vacation at the GF, but for some poor soul who is just trying to keep their head above water after a job loss it seems cruel to hit them with penalties.

 

[golfgal]

My sister paid a big penalty when she cleaned out her 401k
I'd go to H&R Block for help

This is also a consideration, if you didn't take out enough tax you can get hit with a penalty along with the 10% penalty for taking money out of a retirement account early. I would NOT go to H&R block. Go to someone that knows what they are doing like a CPA.

 

[jlewisinsyr]

Well, I'm thinking that in this economy there were more than a few people who were forced into that mistake due to lost jobs. There really should be a waiver of penalties for people who lost their jobs and used that money to pay mortgages and bills. I can see penalizing someone for taking the $$ out for a Concierge vacation at the GF, but for some poor soul who is just trying to keep their head above water after a job loss it seems cruel to hit them with penalties.

I don't really see it as cruel. Unfortunate, sure, but people are investing in their 401Ks via tax free deductions, this is not an after tax IRA. I could see no penalities on an IRA (where interest is earned tax free, but payments are made after tax), but in a 401k you're getting a huge tax break on both the investment and interest side.

The penalities are clear when you start investing and trust me there are more warnings during a withdrawal then in a construction zone on a highway.

 

[golfgal]

Well, I'm thinking that in this economy there were more than a few people who were forced into that mistake due to lost jobs. There really should be a waiver of penalties for people who lost their jobs and used that money to pay mortgages and bills. I can see penalizing someone for taking the $$ out for a Concierge vacation at the GF, but for some poor soul who is just trying to keep their head above water after a job loss it seems cruel to hit them with penalties.

There are some provisions to take money penalty free out of some retirement accounts and there are all kinds of loan re-modification programs, etc. out there as well. The reality if the situation is that a lot of people were not prepared for a job loss, which EVERYONE should be prepared for at all times. Yes, there are a lot of people that were prepared and did wipe out savings, etc and now need help but many people were in trouble from day one.