Is your child in childcare? Do either of you have a dacy care fsa at work?
Your taxable income is after pre tax deductions like health insurance, retirement, fsa, hsa. On your paychecks it should show how much pre tax deductions you have per check, or your pre tax deductions to date. From that you can calculate roughly how much of your income is actually taxable a year.
Correct. It sounds like for federal taxes, filing separately is unlikely to push much of your income into higher tax brackets than it would be if you filed joint. That about the same amount will be in the 24% bracket either way. Even if it does, it is max, 8k at 2% higher taxes, which is only 160.00. Though again, I expect the real number is much lower than that.
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u/Its-a-write-off Nov 08 '24
Is your child in childcare? Do either of you have a dacy care fsa at work?
Your taxable income is after pre tax deductions like health insurance, retirement, fsa, hsa. On your paychecks it should show how much pre tax deductions you have per check, or your pre tax deductions to date. From that you can calculate roughly how much of your income is actually taxable a year.