PLUS: any other income, such as interest, dividends, business income, real estate rentals /12= LESS: any contributions to 401(k) retirement plans (maximum of $18,500 per year) /12 = LESS: Contributions to traditional IRA: $5,500 max per if your company does NOT have a 401(k) plan. If your company has a 401(k) plan and your salary is above $73,000, then you can /12 = NOT deduct your traditional IRA contributions for tax purposes. If you are contributing to a ROTH IRA, you can NOT deduct It here. LESS: Interest paid on student loans during the year, but only if your income is below $80,000. If your income is higher, you can't deduct these interest payments. Maximum deductible: /12 = $2,500 per year. (Est.= total student loans x approx 5%) - Adjusted Gross Income (AGI) (You will use this figure to N/A calculate State Income taxes on the next page) Less: Standard deduction of $12,000 (assuming you are single) N/A TAXABLE INCOME (use this figure to calculate your federal N/A Income tax, below). Calculating your federal tax: Once you have your "taxable Income" (last figure on the chart above) you are ready to calculate your income tax using the appropriate tax bracket: CIRCLE your bracket and calculate your tax. Taxable Income (from above) Then federal tax due Is.. Calculate YOUR Federal tax $0-$9.525 10% of taxable income $9,526-$38,700 $952 + 12% of the amount over $9,525 $38,701-$82,500 $4,453 + 22% of the amount over $38,700 $82,501-$157,500 $14,089 + 24% of the amount of $82,500 $157,501-$200,000 $32,089 + 32.5%% of the amount over $157,000 $200,001- $500,000 $45,689.50 + 35% of the amount over $200,000 Finally, divide by 12 months to get the amount of federal income tax to put in your monthly budget: State Income Tax- Seven states (including Washington) have no state income tax, but all others do. If you plan to live outside of Washington, find the state's 2019 tax rates https://taxfoundation.org/2019-state- individual-income-tax-rates-brackets/ First look to see if there is any personal exemption and/or standard deduction listed (see page headings on page 5) and fill it in below. Then look at the tax brackets. Fill in the correct information on the chart on the next page. WHAT IS THE STATE? Do they have an Income tax? YES or NO