Withholding Tax Calculator by vlfpl2

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									                                  Withholding Tax Calculator
                             Tacoma Employees' Retirement Sytem

Federal Income Tax Withholding for 2012 - Monthly Benefits

Information you provide (complete yellow fields)                                                  

Taxable Monthly Benefit                                                                  $5,830.47
NonTaxable Monthly Benefit                                                                  $66.97
Marital Status for withholding purposes                                                    Married
Number of Allowances                                                                             0
If Form W-4P is not submitted, the default is Married with 3 Allowances.
An Additional Withholding Tax Amount may be deducted if desired.                              $0.00

Results
Withholding Taxes
Monthly Withholding from Tax Tables                                                        $700.82
Additional Withholding Amount                                                                $0.00
Total Withholding Tax                                                                      $700.82

Benefits Summary
Gross Monthly Benefit                                                           $5,897.44
Total Withholding Tax                                                             $700.82
Net Monthly Benefit                                                             $5,196.62
This benefit amount is before other deductions, such as health insurance premiums.


We’re providing this tool to assist with your federal income tax withholding. The calculations are
based on information you entered, and do not reflect the full complexity of federal income tax law.
TERS will not be held responsible for your use of the information or the decisions you make based on
the results provided. You may want to consult your tax advisor before making your final decision.

See Tax Table Calculations
Please contact the IRS for publications and tax advice.
IRS                   Internal Revenue Service
IRS Form W-4P         Withholding Certificate for Pension or Annuity Payments (2012)
IRS Notice 1036       Early Release Copies of Tables for Income Tax Withholding (2012)
IRS Publication 15-A  Employer's Tax Guide supplement (2012)
IRS Publication 15-A html

Tacoma Employees' Retirement System                                                     8/31/2012
(253) 502-8200
                                  Withholding Tax Calculator
                            Tacoma Employees' Retirement Sytem

Federal Income Tax Withholding for 2012 - Monthly Benefits

Tax Table Calculations - Monthly Benefits
Methodology
We used the Percentage Method for Income Tax Withholding on Monthly Payments.
For more information, see IRS Form W-4P, Notice 1036, and Publication15-A.

Net Monthly Benefit
One Withholding Allowance                                                                  $316.67
Number of Allowances                                                                             0
Total Withholding Allowances                                                                 $0.00
Gross Monthly Benefit                                                                    $5,830.47
Net Monthly Tax Table Income (as defined by the IRS)                                     $5,830.47
Equals the Gross Monthly Benefit minus Total Withholding Allowances.

Monthly Withholding from Tax Table                                                         $700.82
Additional Withholding Tax Amount                                                            $0.00
Total Withholding Tax                                                                      $700.82

Net Monthly Benefit                                                             $5,129.65
This benefit amount is before other deductions, such as health insurance premiums.

Monthly Withholding from Tax Tables
Marital Status for withholding purposes                                             Married
Applicable Withholding Tax Table for 2012                                  Net      Monthly
Net Income      Low       High      Tax                                  Monthly   Withholding
Limits          Limit     Limit     Rate                                 Income        Tax
Bracket 1           $0      $675        0%                                 $675.00       $0.00
Bracket 2         $675    $2,125      10%                                $1,450.00     $145.00
Bracket 3       $2,125    $6,567      15%                                $3,705.47     $555.82
Bracket 4       $6,567 $12,567        25%                                    $0.00       $0.00
Bracket 5     $12,567 $18,796         28%                                    $0.00       $0.00
Bracket 6     $18,796 $33,038         33%                                    $0.00       $0.00
Bracket 7     $33,038       None      35%                                    $0.00       $0.00
Totals                                                                   $5,830.47     $700.82


We’re providing this tool to assist with your federal income tax withholding. The calculations are
based on information you entered, and do not reflect the full complexity of federal income tax law.
TERS will not be held responsible for your use of the information or the decisions you make based on
the results provided. You may want to consult your tax advisor before making your final decision.

Please contact the IRS for publications and tax advice.
IRS                   Internal Revenue Service
IRS Form W-4P         Withholding Certificate for Pension or Annuity Payments (2012)
IRS Notice 1036       Early Release Copies of Tables for Income Tax Withholding (2012)
IRS Publication 15-A  Employer's Tax Guide supplement (2012)
IRS Publication 15-A html

Tacoma Employees' Retirement System                                                     8/31/2012
(253) 502-8200

								
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