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How much Federal Tax will I have to pay if?

Moving $1000 from pre-tax to post-tax. How much will my pay differ?

  • I am going to aggressively look for a better health care plan than my employer is offering. Currently, it cost $975 a month for a $1000 deducible policy for me, my spouse, and our child. In order to have the option to drop it during the year, I have to move the $975 from pre-tax to post-tax. How much will this affect my pay? That is, how much more taxes will be taken out? I earn $50,000 a year and am paid twice a month.

  • Answer:

    You can play your own games using the below website for this purpose since you already do know all of the other needed necessary information that is required to be entered to get the answer and numbers that you do want for this purpose. Payroll Withholding Tax Calculator This easy to use payroll calculator will help you determine your take home pay. It handles both hourly and salary calculations, federal withholding, FICA (Social security), Medicare, and withholding for all 50 states. http://www.suburbancomputer.com/tips_calculator.php Hope that you find the above enclosed information useful. 05/19/2012

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You are going to have just shy of $12000 in taxable income. You are in the 25% tax bracket so this will be about $3000 in additional taxes. Your plan sounds very fair for a plan with a $1000 deductible. The only way you will get a less costly plan is to increase your deductible.

A Hunch

if you are in the 15% bracket a change of $1000 to lower your taxable income would probably amount to $150 income tax savings

tro

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