| | | | | | | | | | | | | | | | | | | Prof. Luis Escamilla |
| | Retiree Income Projection - Figures from the Tax Accountant |
| | Married Filing Jointly |
| | | 2019 Current Federal Tax Rates [1] | | | | | | 2019 California State Rates [2] |
| | Bracket # | $ USD | | | % on excess | | Bracket # | $ USD | | | % on excess |
| | | Over | Up to | Base Tax | | | | Over | Up to | Base Tax |
| | 1 | - 0 | 19,400 | - 0 | 10% | | 1 | - 0 | 17,088 | - 0 | 1.00% |
| | 2 | 19,400 | 78,950 | 1,940.00 | 12% | | 2 | 17,088 | 40,510 | 170.88 | 2.00% |
| | 3 | 78,950 | 168,400 | 9,086.00 | 22% | | 3 | 40,510 | 63,938 | 639.32 | 4.00% |
| | 4 | 168,400 | 321,450 | 28,765.00 | 24% | | 4 | 63,938 | 88,754 | 1,576.44 | 6.00% |
| | 5 | 321,450 | 408,200 | 65,497.00 | 32% | | 5 | 88,754 | 112,170 | 3,065.40 | 8.00% |
| | 6 | 408,200 | 612,350 | 93,257.00 | 35% | | 6 | 112,170 | 572,984 | 4,938.68 | 9.30% |
| | 7 | 612,350 | | 164,709.50 | 37.0% | | 7 | 572,984 | 687,576 | 47,794.38 | 10.30% |
| | | | | | | | 8 | 687,576 | 1,145,960 | 59,597.36 | 11.30% |
| | | | | | | | 6 | 1,145,960 | | 111,394.75 | 12.30% |
| | [1] Source: 2019 Tax Rate Schedules; Schedule Y-1 If your filling status is Married filling jointly or Qualifying Widow(er), U.S. IRS Federal Tax Rates, page 7; Retreived on Sep 4th 2019 available at: http://www.irs.gov/pub/irs-pdf/f1040es.pdf |
| | [2] Source: Schedule Y — Married/RDP filing jointly, or qualifying widow(er) with dependent child, State of California Franchise Tax board; Retreived on Sep 4th 2019 available at: https://www.ftb.ca.gov/forms/2018/18-540-booklet.html |
| | | Projected Consumer Price Index a.k.a Inflation [3] [4] |
| | Year | Percentage Change |
| | 2019 | 2.1% |
| | 2020 | 2.6% |
| | 2021 | 2.6% |
| | 2022 | 2.5% |
| | 2023 | 2.5% |
| | 2024 | 2.4% |
| | 2025 | 2.3% |
| | 2026 | 2.3% |
| | 2027 | 2.3% |
| | 2028 | 2.4% |
| | 2029 | 2.4% |
| | 2030 | 2.5% |
| | 2031 | 2.5% |
| | 2032 | 2.5% |
| | 2033 | 2.5% |
| | 2034 | 2.5% |
| | 2035 | 2.5% |
| | 2036 | 2.5% |
| | 2037 | 2.5% |
| | 2038 | 2.5% |
| | 2039 | 2.5% |
| | 2040 | 2.5% |
| | 2041 | 2.5% |
| | 2042 | 2.5% |
| | 2043 | 2.5% |
| | 2044 | 2.5% |
| | 2045 | 2.5% |
| | 2046 | 2.5% |
| | 2047 | 2.5% |
| | 2048 | 2.5% |
| | 2049 | 2.5% |
| | 2050 | 2.5% |
| | 2051 | 2.5% |
| | 2052 | 2.5% |
| | 2053 | 2.5% |
| | 2054 | 2.5% |
| | 2055 | 2.5% |
| | 2056 | 2.5% |
| | [3] Updated Budget Projections: 2019 to 2029, Congresional Budget Office for the U.S. Congress, Retreived on Sep 4th 2019, available at http://www.crfb.org/papers/analysis-cbos-updated-budget-and-economic-outlook-august-2019 |
| | [4] Best guesstimate from Professor for Calendars Years 2030 to 2056 |
Texas
RetireeIncomeProjection-FiguresfromtheTaxAccountant2019.xlsx
