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Calculating state taxes and take home pay

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Calculating state taxes and take home pay발음듣기

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Now let's figure out how much the single person making $50,000 a year would pay in state income taxes, assuming that they're in a state that has income taxes.발음듣기

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And this right here are the current tax brackets for my state and every state will have different income tax brackets and they're likely to change year after year, but the important thing to take away is just how all of this is calculated.발음듣기

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So at the state level, you still get ...발음듣기

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You still, or at least at the state I'm in, there is a standard deduction.발음듣기

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It's $3,769 for a single filer, for a single person.발음듣기

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And instead of having a personal exemption which reduces your taxable income, which is we saw at the federal level.발음듣기

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They have a tax credit, a personal tax credit which essentially just a credit on your taxes.발음듣기

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So this doesn't reduce your taxable income.발음듣기

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This can actually be used against the actual taxes that you owe.발음듣기

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So first, let's think about what our taxable income is in my state.발음듣기

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So I'm starting with $50,000. $50,000 is my gross income and then I have a standard deduction in my state.발음듣기

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A standard deduction in my state of 3,769 ... $3,769 gets me to taxable income in my state of $46,231 or $46,231.발음듣기

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Now if you look at these brackets, it looks like we are falling into this 8% bracket right over here, but just as we've said in this ... in the federal example, that does not mean we pay 8% on all 46,000 ... $46,231.발음듣기

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It means we only pay the 8% on the increment above $37,005. For the rest of the brackets, we pay 1% on the first 7,000 or for $7,124, 2% on the increment up to 16,980. So on and so forth.발음듣기

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So let's calculate what that is.발음듣기

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So we're going to pay ...발음듣기

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We're going to pay 1% ... 1% on the first $7,124. Then to that, we're going to pay 2%.발음듣기

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We're going to pay 2% on the increment up to $16,980 and that increment is $16,980 - $7,124 and then we are going to pay 4%발음듣기

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... We're going to pay 4% on the increment up to $26,657 and so that's that number minus 16,890 and then we're going to pay 6% ... We're going to pay 6% on the increment up to $37,005.발음듣기

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So it's 37,005 - 26,657 and then, we're in the home stretch here, we're going to pay ...발음듣기

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We're going to pay 8% on the increment ... on the increment above $37,005.발음듣기

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So our taxable income, we already saw is 46,231.발음듣기

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So it's 46,231 - 37,005.발음듣기

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37,005 bring us to ... Did I type all that in right?발음듣기

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Let's see, 7 x 1% and then we have 2% x, yep that looks right and then we have 4%.발음듣기

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I want to make sure I'm typing all this in correctly.발음듣기

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And then 37,000 - 26,657 and then that's 6% and then 8% on that last increment. Drum roll, please.발음듣기

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We get to $2,018 just based on the brackets right over here.발음듣기

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So 2,000 ... So at the ... at the state level ... At the state level, it looks like we have $2,018 just based on our taxable income, but now we have to factor in this tax credit and a tax credit as opposed to a deduction, remember, a deduction or an exemption takes ... It reduces your taxable income. A credit goes directly against your taxes.발음듣기

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So we were going to pay $2,018, but we get a credit of $102, which gets us to what?발음듣기

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That gets us to 1,916 ... $1,916 in state taxes.발음듣기

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So our total taxes, $9,754 at the federal level.발음듣기

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$1,916 at the state level and so our actual take home pay is going to be ... Let's see, $50,000 is what we're starting with.발음듣기

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We're going to pay ... We're going to pay at the federal level.발음듣기

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I actually already figured out in the last video what we're left with, but at the federal level we're going to start off ... We're going to pay $9,754.발음듣기

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Then at the state level, we're going to pay $1,916 getting us to $38,330 take home pay.발음듣기

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$38,330 ... 330, is what I'm actually ... I'm actually going to be able to spend.발음듣기

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And so based on this, we can figure out what an effective tax rate is, based on both the federal and state income tax.발음듣기

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So we are ... If we look at that as a fraction of our original income, $50,000, we are left with 76.6% or another way of thinking about it is, roughly 23.4 or 23% of your income gets taken for taxes.발음듣기