Welcome Guest. Register Now!

03-26-2017, 10:22 AM
 Junior Member Join Date: Mar 2017 Posts: 1
Tax Witholdings

I've got a mortgage and withholding question.

I'm about to buy my first house; I know that paying mortgage interest will allow me to change mine and my wife's tax withholding, but I'm uncertain about some of the nitty-gritty there. Specifically, how can I calculate what our NEW TAKE HOME INCOME will be after our withholding is changed to take advantage of the new tax situation?

Specifics: Combined income = \$124,000
Cost of home = \$600,000
Mortgage interest = \$22,000 (per year)

Thank You

(I assume this is one of those questions that's butt-simple, but totally impenetrable if you're ignorant like me. I've spent quite a while googling, but get nothing but withholding calculators, which only seem to give me part of the picture

03-26-2017, 05:52 PM
 Moderator Join Date: Oct 2010 Posts: 5,241
I've got a mortgage and withholding question.I'm about to buy my first house; I know that paying mortgage interest will allow me to change mine and my wife's tax withholding, but I'm uncertain about some of the nitty-gritty there. Specifically, how can I calculate what our NEW TAKE HOME INCOME will be after our withholding is changed to take advantage of the new tax situation?=====>some say that Home buyers will spend more than half of their take-home pay on their mortgage in general your net take home pay is calculated by taking an individual's monthly gross income and subtracting federal income tax, Social Security and Medicare taxes, any state or local income taxes, monthly health and dental insurance premiums, 401(k) contribution and contributions to a flexible spending account

Specifics: Combined income = \$124,000
Cost of home = \$600,000
Mortgage interest = \$22,000 (per year=====>. When deciding whether to itemize, you need to remember that you will be giving up the standard deduction. Therefore, after adding up your itemized deductions, you need to make sure the total is greater than the standard deduction for your filing status. If it?s not, then you will actually pay more in tax if you itemize.you can Once you have entered your expenses on the appropriate lines of Schedule A, add them up and copy the total to the second page of your Form 1040. This amount is then subtracted from your income to arrive at the final taxable income number.

 Thread Tools Search this Thread Search this Thread: Advanced Search Display Modes Linear Mode

 Posting Rules You may not post new threads You may not post replies You may not post attachments You may not edit your posts vB code is On Smilies are On [IMG] code is On HTML code is OffTrackbacks are Off Pingbacks are Off Refbacks are Off

 Similar Threads Thread Thread Starter Forum Replies Last Post AMT and witholdings kc14 Alternative Minimum Tax 1 01-04-2009 05:25 PM

 » Categories
 Individual   Corporations   Forum for CPAs   Financial Planning
 » Recent Tax Q&A
 » Free Downloads Latest Files Latest Files

 Advertise - Contact Us - Ask TaxGuru - Archive - Disclaimer - Privacy Statement - Top