I'm trying to determine how much income I will have after tax in the US, assuming only federal taxes.
My calculations are as follows. I start off with $75,000, take a standard deduction of $6,300, deduct $7,500 to 401K and deduct $2,500 of interest for student loans. I'm left with a taxable income of $58,700. This amount has roughly $10,400 of taxes. So my pay after taxes would be $75,000 - $7,500 - $10,400 = $57,100.
Is it correct that I subtract the amount of taxes ($10,400) from the base salary ($75,000) less the 401K contribution ($7,500) to determine the pay after taxes? Or should I be simply deducting the amount of taxes ($10,400) from the taxable income ($58,700)?