W-2 Form

[JAKINSMITH]

Any know a W-2 calculation that will bring out 70,000 do!!as as a return after filing

 

[daniels27]

https://www.calculator.net/tax-calc...n4=0&cotherdeductable=0&printit=0&x=Calculate

 

[JAKINSMITH]

Can you enlighten me on how to do the‌ calculation for the irs to approve the form ?

 

[Sols]

Use something like TurboTax or other free and paid services like that if you're filing‌ taxes.

 

[daniels27]

You can read about the standard deduction here
https://www.irs.gov/taxtopics/tc551
or use the interactive assistant to‌ find out what deduction you are entitled
https://www.irs.gov/help/ita/how-much-is-my-standard-deduction

Then, you can check the income tax‍ brackets here and do the math yourself
https://www.irs.gov/filing/federal-income-tax-rates-and-brackets

For 2024, you have 10% on $11,600⁠ + 12% on ($47,150-$11,600) = 0.1 * $11,600 + 0.12 * $35,550 = $1,160 +⁤ $4,266 = $5,426. Then, you have 22% on all above the $47,150, which actually is⁣ $61,750 due to the deduction. Hence, it becomes

70,000 = x - 5,426 - 0.22*(x-61,750)⁢ = 0.78x + 8,159
61,841 = 0.78x
x = 79,283