1. What is the Massachusetts Tax Calculator?

This calculator estimates taxes for a $120,000 salary in Massachusetts for the 2024-25 tax year, including state income tax and FICA contributions.

2. How Does the Calculator Work?

The calculator uses the formula:

Where:

• 120000 — Annual salary in Massachusetts
• MA 2024-25 Tax Rate — Massachusetts state income tax rate (percentage)
• FICA — Federal Insurance Contributions Act tax amount (dollars)

Explanation: The equation calculates state tax by applying the tax rate to the salary, then adds the FICA amount for total tax burden.

3. Importance of Tax Calculation

Details: Accurate tax estimation helps with financial planning, budgeting, and understanding take-home pay from a $120,000 salary in Massachusetts.

4. Using the Calculator

Tips: Enter the Massachusetts tax rate as a percentage (e.g., 5.0 for 5%) and FICA amount in dollars. Both values must be non-negative.

5. Frequently Asked Questions (FAQ)

Q1: What is included in FICA?
A: FICA includes Social Security (6.2%) and Medicare (1.45%) taxes. For $120,000, this would typically be $9,180 (7.65% of $120,000).

Q2: What is Massachusetts' tax rate for 2024-25?
A: Massachusetts has a flat income tax rate of 5.0% for 2024, but check for updates as rates may change.

Q3: Are local taxes included?
A: No, this calculator only includes Massachusetts state tax and FICA. Some Massachusetts municipalities may have local taxes.

Q4: What about deductions and exemptions?
A: This is a simplified calculator that doesn't account for deductions. Actual tax liability may be lower with deductions.

Q5: How accurate is this for other salary amounts?
A: This calculator is specifically designed for $120,000 salaries. Different amounts would require different calculations.