Goal: bump myself down to the lowest federal income tax bracket through my 403(b) deduction.
Gross income this year from current job: $17,617.25.
Add in work-study and round up a bit: $17,850.
Exemptions:
- $5150 (standard single)
- $3300 (personal, non-itemized)
Taxable income after exemptions: $9400.
Total 403(b) deductions: $1865.33.
Taxable income after 403(b): $7534.67.
Lowest federal income tax bracket: $7550 or below.
Wow, that's really kind of cutting it close. Especially since my math kind of gets fuzzy at certain points.
Maybe I should up my deduction.
As for income taxes, I've already had $1407.97 withheld from my paycheck this year to date. 10% of $7550 is $755.
Yes, definitely no more taxes this year.
Income tax bracket maneuvering
September 18th, 2006 at 11:10 pm
September 19th, 2006 at 03:30 am 1158636617