How much california income tax will be deducted from my paycheck

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Harriette

How are bonus paychecks taxed differently from regular salary paychecks for restaurant managers in california

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Raul

what % of my wages if moving to California will be taken out of my check?

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roberto

"Very bad administration of our state of california..."

It is very abusive way to resolve the governor good life whit his very bad administration of our state of California ; we should start ; from removing all those kind of politicians to have again a honest country again; I oppose to take any money from my paycheck; I work so hard to make it ; If the politicians want to have fun every weekend it should at their cost ; they should not touch our money.

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Q. Can i deduct state tax and sales tax if from different states?
i live and work primarily in texas. texas has no state income tax. last year i worked in california and had states taxes deducted from my paycheck. i was there for about 8 months while my wife lived and worked in texas the entire time. can i take the std sales deduction and the state income tax deduction? i am using taxcut and it seems like it can be either but not both. thanks. joel

"Deduct california income tax and texas sales tax for the same year...."

No. You are not allowed to deduct any sales tax for a year for which you deduct any state income tax. You are not allowed to deduct any state income tax for a year for which you deduct any sales tax. You may either (a) deduct California income tax, or (b) deduct both Texas sales tax and California sales tax. You are not allowed to deduct California income tax and Texas sales tax for the same year.

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Q. How to pay less taxes - california/single (no dependents)/100,000 annual income?
hello, i am 26 yrs old, i am single and live in california. i just joined a full time position with a base pay of $100,000. i see about 40% deducted from my paycheck as tax every month even before i pay for my part of my benefits. i have been employed before on and off and as a student and never before have i paid so much tax. my company matches 75% of the contribution i make to my 401k upto 6% of my salary ( which i take advantage of by contributing exactly 6%) and we also have a stock purchase plan with 15% off our company stock which i dont yet subscribe to. that said, i'd like to know how i can pay less in taxes in the future. i need suggestions on how i can save on taxes: something like : 1) contribute more to 401k 2) buy stocks on employee stock purchase plan ( this is pre tax) 3) lease a car instead of owning one, probably i can claim it ? 4) buy a motorcycle and claim sales tax 5) invest in real estate ? ( i think this is more than i can handle at this point ) 6) claim laptop/phone bills ? i want to plan ahead for 2010. stuff i can do in 2010 to make sure i dont end up paying too much tax next year. any inputs, suggestions are much appreciated !! :)

"The tax benefits for the sales tax deduction are less than the annual insurance..."

1. Will lower your current taxes and boost your retirement prospects. 2. May lower your taxes but I can't be certain without knowing more about the plan. 3. won't help at all. (The belief that leasing a car is better for tax purposes is an urban legend/myth.) 4. If you want a motorcycle, buy one. The tax benefits for the sales tax deduction are less than the annual insurance. 5. You do benefit from the deduction of real estate taxes and mortgage interest on your own home, but buying a home isn't necessarily an investment. Buying property to rent to others is considered investing, but you need to run through the numbers to make certain that the property will be a source and not a drain. 6. Only if you use your laptop for business and your employer says you need one for your job. You can only deduct a telephone if your employer requires that you have a second line just for business. The IRS knows that nearly everybody between 16 and 70 has a cell phone, so the first cell phone bill is personal. Other things you may consider in the future is to take advantage of flexible spending plans for commuting costs and medical expenses not covered by insurance (aspirin, cold medications, glasses/contact lenses, etc.). I hope this helps. Gary

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Ca percentage of taxes deducted paycheck

Q. Is there a % or other cap on the mortgage interest and property tax i can deduct from my federal taxes?
i've just moved to los angeles and am really stretching my budget to buy a brand new condo. (no cracks about buying at the top of the market! i've done a ton of research, and i think the place is well-priced. plus, my partner and i expect to be making quite a bit more in the coming years.) anyway, the amount of mortgage interest and property tax i'll be paying over the course of a year is truly staggering: the annual total approaches $50k. can i really deduct all of this? i'm not going to reveal my income ... :^> ... but with both my jobs, let's just say it's in the low-six-figure range. should i crank my payroll exemptions up to 15 or something, to get that money in each paycheck? i'm worried that some cap, or the alternative minimum tax, will kick in, and i'll end up with a huge tax bill. does amt take effect before or after mortgage interest is deducted? (extra points if anyone knows how the state of california will handle the deduction too.) thanks in advance for any help! thanks for the answers so far. so the amt won't apply? the more research i do about it, the more it appears that the amt is what i really have to worry about, since i'll have both a second mortgage and a really high property tax bill. http://www.smartmoney.com/tax/filing/index.cfm?story=amt so, to follow up to taxman's answer is there a "magic number" at which amt kicks in? for example, if i were making, say, $100,000 all of my tax calculations would be done using the amt rules, but if i were making $99,999 i'd avoid it completely? that seems unbelievably capricious. in other words, if i'm filing single, how do i know if the amt applies in my case at all?

"Federal amt since these taxes cannot be deducted in computing amt taxable income..."

The federal and California limit on interest deductions is the same. It is equal to the interest on up to $1,000,000 of home mortgage acquisition indebtedness and $100,000 of secured home equity debt. See the link below. By way of example, if you had $2,000,000 of mortgage debt at an interest rate of 7%, you can deduct up to $77,000 which is 7% of $1,100,000. Your itemized deductions are phased out based on your adjusted gross income (see the instructions to Schedule A of Form 1040), so you lose some of your deductions there. You do need to worry about the federal AMT. Generally, people who have high itemized deductions for state income tax and property tax will find themselves in federal AMT since these taxes cannot be deducted in computing AMT taxable income . A bit of good news for 2006 - the AMT exemption has risen to $42,500 for individuals and $62,550 on joint returns. Eric, Compute your regular tax first. Then you use Form 6251 http://www.irs.gov/pub/irs-pdf/f6251.pdf and compute your AMT. Essentially, you pay the higher of the two computations. With your high mortgage interest, your state income tax should be low-which is a plus because state and local taxes can't be deducted in computing AMT. The AMT does not phase out itemized deductions (a plus) but you can't deduct your property taxes (a negative). The AMT rate is lower than the highest regular tax rate (a plus). The only way to determine how it will affect you is to do the computation.

Q. Paycheck with tips deducted?
my wife recently started working at a small bar part time.(california) her first check was very questionable. he hired her at $8.00 and hour. her first check was for 22 hours. that came to $176.00. he had kept track of her tips and put $59.00 down for income of tips. total $235.00 he then took out $29.00 for taxes. he did not list if it was state, federal, sdi, just taxes. then minused $59.00 back out after taxes for her tips. is this right? i understand tips are taxable income yet he ran them through the tax then minused out the entire $59.00 after taxes. is that correct? what about the taxes?

"Then taxes are deducted based on local..."

This does not seem right. I would definitely speak with your employer to ask how they came to that calculation. Most jobs that have tipping involved require the worker to report all tips actually earned. That amount is added to the hourly wage (gross income) then taxes are deducted based on local, state, and federal tax reporting laws and requirements. He should not "assume" an amount that was earned from tips, but rely on the employee to report that amount earned. I would definitely question him how he came to that result. If she is owed wages, most states have a procedure for filing a wage claim against the employer. You can also try a paycheck calculator to see if her final pay was accurate. Hope that helps. Dale

Q. Need tax help? how much will i owe?
i need to know if this sounds accurate. please dont give me articles, ive failed to get help from them for the last several weeks. im 18 years old, filed as single and am currently working for a web site that pays me in checks at minimum wage but dosent deduct any income social security or medicare taxes from my paycheck. i understand that at the begginging of 2011 ill have to file and pay what i owe on my own. at my pay and how long im working, i estimated that by the beginning of august ill have earned 4992.00, by then ill be moving and so quitting my job with that much money saved and i estimated the amount of social security i owe will be 310.00 and medicare will be 72.00. since the automatic deduction for singles is 5700.00 are social security and medicare taxes the only taxes ill owe? i live in california and am moving to ohio as i stated before in the begginging of augaust. do i have to pay any state taxes aside from the social security and medicare taxes?

"Before i knew how to do my own taxes..."

Before I knew how to do my own taxes, I went to H&R Block. They have a free online service, but I think you need to go into the store because your situation is complicated. Your state you lived in during 2009 might require you to fill out a state return as well as the federal return. With earning such a small amount of money, you probably won't owe hardly anything. Also, it is different because your parents are probably claiming you on their return, and that makes a huge difference. Go to see a professional, don't risk getting audited.

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