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UPS Retirement Topics
Pension letter
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<blockquote data-quote="olroadbeech" data-source="post: 2099586" data-attributes="member: 52145"><p>not really.</p><p>for a married couple you get 12,600 standard deduction ( if no itemizing ) and 8000 for exemptions. you can also still contribute to an IRA . up to 13000. ( we still max IRA every year )</p><p></p><p>so your taxable income would be around 28000 ( or less )or 15000 depending on what you do. your tax would be either around 4 grand or 2250. ( lower tax bracket ). The last full year i worked i paid around 15000 dollars in taxes. ca and state.</p><p></p><p>California state taxes are not that bad. we paid about 700 last year. our home value went up over 25k in 2015 so that more than makes up for the cost of living in Cali. we bought for 150k and can easily get 450k after only 20 years. </p><p></p><p>i'm just going by our situation. it wasn't so bad for us and we live in a high priced resort area. we are actually in a much better situation tax wise as when i was working.</p></blockquote><p></p>
[QUOTE="olroadbeech, post: 2099586, member: 52145"] not really. for a married couple you get 12,600 standard deduction ( if no itemizing ) and 8000 for exemptions. you can also still contribute to an IRA . up to 13000. ( we still max IRA every year ) so your taxable income would be around 28000 ( or less )or 15000 depending on what you do. your tax would be either around 4 grand or 2250. ( lower tax bracket ). The last full year i worked i paid around 15000 dollars in taxes. ca and state. California state taxes are not that bad. we paid about 700 last year. our home value went up over 25k in 2015 so that more than makes up for the cost of living in Cali. we bought for 150k and can easily get 450k after only 20 years. i'm just going by our situation. it wasn't so bad for us and we live in a high priced resort area. we are actually in a much better situation tax wise as when i was working. [/QUOTE]
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