Pension check...How much taken out for taxes?
- Thread starter gjcst
- Start date
Indecisi0n
Well-Known Member
Well at least you didn't wait until the last minute
burrheadd
KING Of GIFS
Getting ready to retire!trying to get a better idea of exactly how much my monthly check will be. Can anyone tell me how much tax is taken out? Been with the company 30 years, but only 27 towards retirement.
Don’t know how your taxes work but
But here -$400 a month for insurance
BrownFlush
Woke Racist Reigning Ban King
Not enough. You gotta tell em' how much you want taken out. Fed tax is all that is taken out of pension check here.
Shiftless
Well-Known Member
Getting ready to retire!
If you are good with your monies? WHY? Let them take taxes? Easier to control your tax liability by paying quarterly's.
It is all about choices!
BrownFlush
Woke Racist Reigning Ban King
Choices it is.
First few years, wrote the check in April and penalties. Painful.
Next few years, did the quarterly dance. Too much hassle .
Now, got a pretty good number they take each month and staying even.
First few years, wrote the check in April and penalties. Painful.
Next few years, did the quarterly dance. Too much hassle .
Now, got a pretty good number they take each month and staying even.
Shiftless
Well-Known Member
I LOVE CHOICES!
I do it mainly because my income fluctuates at times so wildly its easier for me to stay out of the penalty box and yet still come up even or enough short I don't get hassled and I control the monies all year long. BUT that means I have to pay attention and do my due diligence as the year progresses.
I do it mainly because my income fluctuates at times so wildly its easier for me to stay out of the penalty box and yet still come up even or enough short I don't get hassled and I control the monies all year long. BUT that means I have to pay attention and do my due diligence as the year progresses.
Been In Brown Too Long
Ex-Package Donkey
Just finished filling out this exact paperwork. There is no set amount. It's exactly the same as filling out a W-4. You set your number of dependents, etc. It also asked if you wanted state taxes deducted as well. I chose yes. You will no longer pay FICA or towards Social Security.
Also, here we don't pay towards our health insurance, both you and spouse are covered. We've been paying towards retiree medical benefits almost our whole career with an 0.89 cent/hr. wage deduction so we'd be covered in retirement. Local 315 NorCal
Also, here we don't pay towards our health insurance, both you and spouse are covered. We've been paying towards retiree medical benefits almost our whole career with an 0.89 cent/hr. wage deduction so we'd be covered in retirement. Local 315 NorCal
rod
Retired 22 years
I have zero taken out --- friend-em. We don't pay no stinking taxes!!! -------------------actually we pay quarterly payment to Uncle Sam (also for state taxes). No one can answer your question for you except your tax person or financial planner or yourself. If the ONLY income you have is a pension it should be fairly easy to figure out. Yearly income---tax owed
