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Taxes have to be accounted in personal finance. Several methods can be used to save money before paying taxes. One example is a 401k deduction . 401k contributions are made from pre-tax income. Also the contributions are deducted from your total taxable income for the year. Lets say $2500 is placed into a 401k before taxes. To get $2500 after taxes would require $3472.22 of income in the 28% tax bracket. This calculator can also be used to analyze business expense tax deductions that can be paid with pre-tax income. Future paychecks can be calculated. To make $5500 dollars after taxes next month in the 25% tax bracket would require $7333.33 in gross income. Calculate the amount saved from pre-tax deductions with this calculator. Enter the amount deducted and the tax bracket to calculate the savings. The amount calculated is the amount of money needed to generate the pre-tax amount. US Tax Brackets Individuals for 2011 0 to 8500 - 10% 8500 to 34500 - 15% 34500 to 83600 - 25% 83600 to 174400 - 28% 174400 to 379150 - 33% 379150 and above - 35% Income from Dividends Unlimited Amount - 15% |
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