I'm trying to calculate down to the theoretical dollar the ability to retire at 55. Had two questions:
1. I am going to be hit hard with taxes as long as I am still working right now. Does that go away if I stop working? Does dividends count as "income" when considering taxes on dividends?
2. I was trying to calculate everything in a Google Doc how much I will be bringing in with dividends, CD's, etc and how much will be going out (i.e. home taxes, self insurance, historical yearly spend, fun?). With SGOV is the below an accurate way to calculate state taxes?
From what I can tell, SGOV is 96.45% treasury bonds so would be taxed on 3.55% of my dividend income from SGOV?
Illinois taxes 4.95% on ordinary dividends. So think it's basically this:
({Annual Dividend Income} * (1 - 0.9645)) * 0.0495
Thanks.
JR
[This topic has been moved to the “Personal Finance (Not Investing)” forum. Moderator Pops1860]
1. I am going to be hit hard with taxes as long as I am still working right now. Does that go away if I stop working? Does dividends count as "income" when considering taxes on dividends?
2. I was trying to calculate everything in a Google Doc how much I will be bringing in with dividends, CD's, etc and how much will be going out (i.e. home taxes, self insurance, historical yearly spend, fun?). With SGOV is the below an accurate way to calculate state taxes?
From what I can tell, SGOV is 96.45% treasury bonds so would be taxed on 3.55% of my dividend income from SGOV?
Illinois taxes 4.95% on ordinary dividends. So think it's basically this:
({Annual Dividend Income} * (1 - 0.9645)) * 0.0495
Thanks.
JR
[This topic has been moved to the “Personal Finance (Not Investing)” forum. Moderator Pops1860]
Statistics: Posted by jriker1 — Sat Sep 07, 2024 11:22 am — Replies 2 — Views 94