W-2 Form

[prathap]

Any know a W-2 calculation that will bring out 70,000 do!!as as a return after filing

 

[daniels27]

https://www.calculator.net/tax-calc...n4=0&cotherdeductable=0&printit=0&x=Calculate

 

[prathap]

daniels27 said:






https://www.calculator.net/tax-calculator.html?cfilestatus=Single&callowance=0&callowanceold=0&ctaxyear=2024&csalaryincome=79,283&cwithheld=0&csalarystate=0&csalarylocal=0&chasbusiness=no&cbusinessincome=0&cestimatedtax=0&cmedicarewage=0&csalaryincome2=0&cwithheld2=0&csalarystate2=0&csalarylocal2=0&chasbusiness2=no&cbusinessincome2=0&cestimatedtax2=0&cmedicarewage2=0&cinterestincome=0&cordinarydividends=0&cqualifieddividends=0&crentalincome=0&cshortcapitalgain=0&clongcapitalgain=0&cotherincome=0&cstatetaxrate=0&cira=0&csalestax=0&cmortgage=0&cdonations=0&cstudentloan=0&cchildcare=0&ctuition=0&ctuition2=0&ctuition3=0&ctuition4=0&cotherdeductable=0&printit=0&x=Calculate

Click to expand...

Can you enlighten me on how to do the calculation for the irs to approve the form ?

 

[Sols]

Use something like TurboTax or other free and paid services like that if you're filing taxes.

 

[daniels27]

You can read about the standard deduction here

https://www.irs.gov/taxtopics/tc551

or use the interactive assistant to find out what deduction you are entitled

https://www.irs.gov/help/ita/how-much-is-my-standard-deduction



Then, you can check the income tax brackets here and do the math yourself

https://www.irs.gov/filing/federal-income-tax-rates-and-brackets



For 2024, you have 10% on $11,600 + 12% on ($47,150-$11,600) = 0.1 * $11,600 + 0.12 * $35,550 = $1,160 + $4,266 = $5,426. Then, you have 22% on all above the $47,150, which actually is $61,750 due to the deduction. Hence, it becomes



70,000 = x - 5,426 - 0.22*(x-61,750) = 0.78x + 8,159

61,841 = 0.78x

x = 79,283