Question about income Tax?

March 11th, 2010 by webmaster
  • My employer says my tax is 25% including federal with holding, the salary is $85,000 with $15,000 bonus, that sounds like paying $25,000 in tax. I have a wife and one child, how much of these $25,000 can I get in tax return


  • On $100K total income for the year, filing a joint return with your wife, claiming one child below age 17, and takikng a standard deduction, your tax should be around $11,504, or $1000 higher if your child is 17 or older. So whatever amount more than that was withheld for federal income tax, you'd get refunded to you. But you say the $25k withholding "includes" federal income tax - the part that isn't FIT, you might or might not get any of back. $7650 of the withholding is for social security and medicare. That won't be refunded.


  • The bonus should be taxed at 25%, the rest of your income at whatever you filled out your W-4 at.

    So no way should you have 25% federal withholding. HOWEVER, fed, state, local (maybe) and SS/Medicare can easily equal 25%.

    You do not get SS/Medicare back and the others - you need to do your tax returns to find out.

    Helen, EA in PA


  • Not sure how the tax system works on 'your side of the pond !'

    I guess it all depends on what you can claim for on your tax return. I suggest having a chat with a financial adviser - they'll give you better information than you'll likely get on here.

    Good luck anyway !


  • Nobody can really give you a definite answer without all your information about deductions and credits that you would qualify for, as well as any other income that would increase your taxable income.

    Your employer is right in that you are in the 25% tax bracket, but that only means that the last dollars of your income will be taxed at 25%. The first $10900 or more (your standard or total itemized deduction) will not be taxed at all. Neither will the next $10500 (3 exemptions for your wife, you child and yourself at $3500 each). The next $12000 will be taxed at 10%, then some more at 15%, and the last at 25%.

    So if you had $25000 withheld on $100000 income, you can expect a good refund.







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