Federal / State Tax deductions? (Loveland: insurance, income, home)

[Mike78613]

All,

Looking to make the move to Colorado.

I would like to know what the Federal / State Tax deductions would be if for example if I was to make $2800 every month and if was to claim "1" on my W2, what would I get taxed for State and Federal income-taxes out there? Any idea (ball park) ?

Thank you.

[torrential]

Praise Google. Based on 2007 rates every week your gross pay is $646.15, Fed withholding is $72.29, Social Security takes $40.06, Medicare takes 9.37, and Colorado takes $28.00, leaving you with $496.43.

[Mike78613]

Originally Posted by torrential

Praise Google. Based on 2007 rates every week your gross pay is $646.15, Fed withholding is $72.29, Social Security takes $40.06, Medicare takes 9.37, and Colorado takes $28.00, leaving you with $496.43.

Dang... so every month they take $814.28 for taxes and SS out of $2800.00 month salary? That seems pretty high.

[golfgod]

Wait a minute Mike;

Your math is a bit off. Torrential changed your $2800/month gross to annual $33600 and then back to weekly gross to calculate the taxes and SS.

You have to take the weekly difference between gross and net (149.72) X 52 weeks to get back to annual deductions ($7785.44) then divide by 12 to get the monthly deductions of $648.79, not $814.28!

The difference is that there are NOT 4 weeks in a month, if there were we'd have a 13 month year.

OK, clear as mud I hope.

golfgod

[Mike78613]

Originally Posted by golfgod

Wait a minute Mike;

Your math is a bit off. Torrential changed your $2800/month gross to annual $33600 and then back to weekly gross to calculate the taxes and SS.

You have to take the weekly difference between gross and net (149.72) X 52 weeks to get back to annual deductions ($7785.44) then divide by 12 to get the monthly deductions of $648.79, not $814.28!

The difference is that there are NOT 4 weeks in a month, if there were we'd have a 13 month year.

OK, clear as mud I hope.

golfgod

Thanks for clearing that up neighbor
Boy it's gonna put a pounding on taxes leaving Texas to Colorado. Sad thing is, I know off that deductions above, It will be even more deducted out of my salary. OUCH, but I know I can manage

So when are you heading out to Loveland?

[golfgod]

True enough mike; paying state INCOME tax of anything is more than paying state income tax of NOTHING. But remember as you and I pm'd a couple of weeks ago the huge reduction of property tax and homeowner's insurance when going from TX to CO can more than make up for it!

In my case the savings on my insurance and property tax are about $3700 year. The state income tax rate is (I believe) 4.63% so as long as I earn less than $79,000 (I will) I'm OK.

I may save money on greens fees too as it won't be in the 70-80 degree range in Loveland this week. LOL.

golfgod