you don't have to reply on here i anm just wondering. hubby is looking to take a job that he would make this income and i was wondering if anyone had two kids as deductions how much federal taxes they paid. i am just trying to figure out how many dependants he should claim when he fills out his w-2 forms. i don't want to really over pay our taxes.
according to hr block's Tax estimator, which we have found fairly useful...
This year you would owe $323 if you had 45000 in total wages, 2 children, married filing jointly.
(19% income tax with 2000 in child tax credits.)
However that is with absolutly no other deductions/credits.
That's what we had in 2005 and we got over $5700 back in federal taxes and about $1000 total from state taxes for both IL and NC (we had moved). But that was for 3 kids. So a bit lower by maybe $1k? for 2 kids.
I use the paycheck calculator at paycheckcity.com and it's always been spot on. In fact, dh and I just used it this morning to calculate what his check will look like after an upcoming raise, and we used it on his current check stub first just to see if it was accurate and it was spot-on.
Thanks bocks_box. I've been looking for an estimator like that and couldn't find one! It's great that it does state taxes too, b/c I can figure my federal withholding, but was having trouble figuring out what state would be b/c I'm thinking of moving to a new state.
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