- Nov 26, 2001
- Total Time
Anyone else see a reduction in the Fed Income tax With holding? Mine dropped about 20% is this a simulus package or something?
It depends on your income level. I hit that magic number where I pay neither more nor less than the previous year. So I had to manually increase my witholding to compensate.just got the explanation in the mail. "The american recovery and reinvestment act of 2009 changed the amount of Fed Income Tax withheld" Are they also changing the tax rates so I pay less next year?
The way I understand it which also pretty much matches my pay. Take your total points, act duty plus drills, when you stop drilling, divide it by 7200. This represents the percentage of your active duty counter part retirement you will recieve. Take the pay rate for the year you will turn 60, you will then take 50% the max base pay for your rank/rate and multiply it by your points over 7200 percentage and that should be your retirment pay at age 60.On a different note but related to retirements, can someone tell me how to figure out the reserve/guard retirement using years of service and total points? Thanks in advance.
There were no instructions on how to apply a reservisit's point total to that chart.http://www.arpc.afrc.af.mil/retirementsseparations/ Retirement pay calculator link on this page. (Retirement and RCSBP Calculator)