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Tax.appeal.168
Tax.appeal.168, Accountant
Category: US Tax
Satisfied Customers: 3481
Experience:  3+ decades of various tax experience, including ex-pat, tax prep and accounting as a business owner.
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What is the after tax net salary of 70,000 in Connecticut?

Customer Question

What is the after tax net salary of 70,000 in Connecticut?
Submitted: 2 years ago.
Category: US Tax
Expert:  Tax.appeal.168 replied 2 years ago.
This will depend on what tax bracket you fall into, your filing status, how many exemptions you claim, and whether or not you have other deductions, such as health insurance, life insurance, 401k, etc. What is your filing status? How many exemptions will you be claiming?
Customer: replied 2 years ago.

Hi,

Let's assume 2300 health insurance and no other deductions or exemptions.

What would that be?

Cheers

Reut

Expert:  Tax.appeal.168 replied 2 years ago.
Hello again,
If the pay frequency is weekly, and your filing status is single, the numbers are as follows;
Weekly gross pay: $1,346.15
Federal withholding: $244.59
Social Security: $83.46
Medicare: $19.52
State: $68.42
Health Insurance: ?
The above numbers were calculated by using a salary calculator, such as the one found at the following link:
http://www.paycheckcity.com/calculator/salary/
Let me know if I can be of further assistance to you regarding this matter.
Customer: replied 2 years ago.

Hi,

Could you just confirm my own calculation of $46,235 after taxes and social security?

Cheers

Reut

Expert:  Tax.appeal.168 replied 2 years ago.
Will you be paid weekly or every two weeks?
Customer: replied 2 years ago.

two weeks

Expert:  Tax.appeal.168 replied 2 years ago.
I come up with $47,166.34
There are 52 weeks in the year. You get paid every two weeks. I used a different salary calculator than the one mentioned in the previous response. Based on getting paid every two weeks, claiming 1 allowance, filing single, the numbers are as follows:
Your Pay Check Results
2 Weeks Gross Pay
$2,692.31
Federal Withholding
$450.72
Social Security
$166.92
Medicare
$39.04
Connecticut
$133.08
Health Insurance
$88.46
Net Pay
$1,814.09
Calculation Based On
Tax Year
2015
Gross Pay
$70,000.00
Pay Frequency
2 Weeks
Federal Filing Status
Single
# ***** Federal Exemptions
1
Additional Federal W/H
$0.00
State
Connecticut
Filing status
Single
Additional State W/H
$0.00
Health Insurance
$88.46
----------------------
I multiplies the net pay $1,814.09 x 26 to come up with the $47,166.34
REFERENCE SOURCE:
http://www.adp.com/tools-and-resources/calculators-and-tools/payroll-calculators/salary-paycheck-calculator.aspx
Customer: replied 2 years ago.

Thanks

Cheers

Reut

Expert:  Tax.appeal.168 replied 2 years ago.
You are welcome. Please remember to positively rate my response. This is how I will receive credit for assisting you.
Tax.appeal.168 and other US Tax Specialists are ready to help you
Customer: replied 1 year ago.

Hi, I would like to use your services again to make sure I'm filling in the Form W4 correctly, based on the above calculation. I'm happy to pay an additional £36.

Would that work for you?

Cheers

Reut

Expert:  Tax.appeal.168 replied 1 year ago.
Hello again,
What are your questions regarding the Form W4?
Customer: replied 1 year ago.

Actually, I just realised that since my start date is Aug 17th I would only be paid a partial amount.

I've recalculated. I would love to know if I had done this correctly, if there are any mistakes, and I am happy to pay the £35 for additional service.

Below is my calculation.

Thanks

Reut































































































































Calculations
Bi-weekly (twice a month)
start dateAug 17 2015
number of payments9
salary2916.67
health insurance95.00
yearly:
total earnings26250.00
Total health insurance855
remaining taxable in Connecticut25395
First 10000 at 3%300
remaining taxable in Connecticut15395
Remaining 15395 at 5%769.75
total taxes in Connecticut1069.75
social security at 7.5% after first 2,3001796.25
The form -
1. 2015 itemised deductions(state and local taxes)1069.75
(health insurance in excess of 10%)0
(social security)1796.25
total2866
2. Enter 6,300 if single6300
3. subtract line 2 from line 1. If 0 or less, enter 00
4. Estimate of 2015 adjustments to income or standard deductions0
5. Add lines 3 and 40
6. Estimate of 2015 nonwage income0
7. subtract line 5 from line 6. If 0 or less, enter 00
8. Divide line 7 by 40000
9. Number from personal allowance worksheet line H (1 “for myself” 1 for “single”)2
10. add lines 8 and 9 together2
As I would be receiving my entire salary this year and the total earned amount is
26250
I am not supposed to fill the two earners/multiple jobs worksheet

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