Calculating monthly income after taxes?

Edwards Finance > Loans

Q. I'm trying to figure out what my annual income would have to be to net a certain monthly income. I know that it's difficult to be exact but is this correct? anticipated total income - anticipated ded. and exemption = taxable income $3,600 paid in taxes on first $24,000 28% paid on any income between $25,000 and $58,000 = taxes salary - taxes/12 = approximate monthly income Am I forgetting something?

A. You really need to get a copy of the 1040. If you want to use 1997 figures get the 1997 1040ES (for estimated taxes. Both forms have all of the necessary areas of tax exemption, deductions and tax rates. Now if you plan to play frequently with what-ifs in this tax area, I would suggest you put the 1040 on your spreadsheet and automate the calculations. Then is a matter of seconds you can change certain numbers like payroll income and get the bottom line. You can even create an abbreviated version of the 1040 to suit what you are looking for? But you will have to add to the bottom line for federal income taxes, your state (and city income taxes) and the deductions for SS and medicare plus state deductions for things such as disability, workmen's compensation, unemployment.

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