Did I do taxes right?
Hh 2023 tc 340k, me 290k wife 40k Overall - married filing jointly tax was 60k using TurboTax fed+state in California Does that look right?
$60k more taxes you have to pay now or total taxes collected throughout the year? If it's total taxes, no, it doesn't look right. It only gives you an effective tax rate of 18%. With your level of income, you should be paying around 30% for federal and 10% for CA.
Dude I make about what you make and my partner makes close to 140k. stop being cheap and hire a tax service.
If you take standard deduction (30k or so) and max out both pretax 401Ks (40k or so) that leaves about 270k of adjusted gross income. Looking at the tax tables you should pay about 55k in federal taxes and another 25k in state taxes. Seems about 10-20k short.
Stop asking blind this shit and get an effing accountant
290k + 40k = 330k. Messed up already in that first step
Sounds lil low. About 10-20k. Paid 108K for 480 combined gross income!
You can put this into the irs calculator to see if you get roughly the same numbers
It just asks for my marginal tax rate..which isn't it different for different portions of my income? Hard to calculate. Thought that was the whole point of turbotax