Thank you for the feedback. We'll take your idea into consideration and may send you some emails about details on what you would expect to enter.
05/30/2014 22:54:39
Eli
User
Smart Paycheck Witholdings
I'm impressed with what I've seen so far and am considering a subscriptions, but the paycheck tool seems to be missing the most useful feature in income forecasting, smart withholdings.
The more complex implementation would have the user input their withholding exemptions (IRS W-4) and take into account federal and state tax rates.
The less complex implementation would allow the user input their withholdings amounts as a percentage of their taxable income with annual limits. Pre-tax deductions would need to be an option and with the ability to specify which taxes they are deducted from.
For example, the user would be able to specify: - Federal Tax: 22.7% for no limit, deduct Healthcare and 401k - Social Security: 6.2% for $0 - $117,000, deduct Healthcare - Medicare: 1.45% for $0 - $200,000, 2.35% for @201,000 - no limit, deduct Healthcare
Smart application of withholdings like this really shines when non-regular income, such as a bonus, is earned and has a dramatic impact on remaining paycheck for the tax year.
