Home > State Tax > Colorado > 40000

Tax Form calculator

You are currently viewing $ 40,000.00 : Colorado State $ 40,000.00 Tax Calculator 2018/2019 | 2017 Tax Refund Calculator. Use the Tax Form Calculator to calculate your Federal and State Tax Return. Updated with 2018/2019 tax tables.

Sponsored Links

$ 40,000.00 Tax Calculation for resident of Colorado in 2018 Tax Year

On this page: [ Colorado Tax calculation] [ Pay day breakdown ] [ Colorado Tax Witholdings Calculation ] [ Monthly Take home & Tax breakdown ] [ Federal Tax Calculation ] [ State Tax Calculation ]

Salary and Tax Illustration

Yearly Monthly 4 Weekly 2 Weekly Weekly Daily Hourly %
Gross Pay 40,000.003,333.333,076.921,538.46769.23153.8519.23
-Tax Deferred Retirement0.
-Cafeteria/other pre-tax0.
-Student loan interest deduction0.
-Circumstance Exemptions12,000.001,000.00923.08461.54230.7746.155.77
Taxable Income 28,000.002,333.332,153.851,076.92538.46107.6913.46
-Federal Income Tax 3,169.50264.13243.81121.9060.9512.191.527.92%
-Colorado State Income Tax 1,852.00154.33142.4671.2335.627.120.894.63%
-Adjusted Federal Income Tax 3,169.50264.13243.81121.9060.9512.191.527.92%
-Social Security2,480.00206.67190.7795.3847.699.541.196.20%
-Medicare Tax580.0048.3344.6222.3111.
-Additional Medicare Tax0.
Take Home Pay31,918.502,659.882,455.271,227.63613.82122.7615.3579.80%

Tip: Social Security and Medicare are collectively known as FICA (Federal Insurance Contributions Act). Based on this calculation your FICA payments for 2018 are $3,060.00. You can see how your FICA is calculated including self-employed FICA deductions here.

Following the tax reforms? Use our Tax Reform Calculator to compare how each tax reform proposal effects your salary, compare proposals side by side to see which tax proposal is best for you and your family.

The following tax calculation provides an overview of Federal and State Tax payments for an individual with no children and no special circumstances living in Colorado. You can produce a bespoke calculation which includes your family situation, your (and their) personal circumstances using the Colorado State Tax Form Calculator [updated for 2018 tax year ] with 2018 Tax tables and 2018 Refundable and non-refundable tax credits.

This tax calculation for an individual earning $ 40,000.00 Per year is provided to illustrate the standard Federal Tax, State Tax, Social Security and Medicare paid during the year (assuming no changes to salary and circumstance.

Colorado is used as the default State for for this combined Federal and State tax calculation, you can choose an alternate State using the 2018 State and Federal Tax calculator. This Colorado tax illustration is therefore an example of a tax bill for a single resident of Colorado with no children filing their tax return for the 2018 tax year.

Please note the Colorado tax calculator is free to use but we kindly ask that you like / share / tweet etc. about us. We need your support to grow and help keep this tax tool free, relevant and available to all. If you use add blocking software, we also kindly request that you add us to your whitelist. Advertising funds the servers and development time required to sustain this tool. Your support and understanding is deeply appreciated.

Federal and State Tax Balance (Withholdings Calculator)

The table below provides an indication of any outstanding tax which you may be liable for and/or any tax rebates due. Note: This tax rebate calculation is indicative only, whilst we aim to provide a 100% accurate tax calculation we DO NOT guarantee of the accuracy of the tax calculations herein. If you spot an error or bug, please report it in our Tax Forums

Withholdings Calculated Tax Due Tax Rebate / Due 1
Federal Tax $0.00 $3,169.50 $3,169.50
State Tax $0.00 $1,852.00 $1,852.00
Medicare $0.00 $580.00 $580.00
Social Security $0.00 $2,480.00 $2,480.00

1 A negative figure indicates that you have overpaid tax and that you are due a tax rebate.

Monthly Salary breakdown for $40,000.00

In the tax overview above, we show the illustration for a monthly take home pay as a straight 1/12th of your annual income. Not all employers calculate income this way. Some employers calculate your monthly income and pay monthly Federal / State taxes by diving your total annual income by the number of days in a year, then multiplying that daily amount to provide a monthly salary that changes each month depending on how many days there are in the month (28,29,30 or 31).

If your employer calculates you monthly salary in this way, the below calculator illustrates the amounts you should expect to pay in Federal Tax, State Tax, Medicare, Social Security and so on. The Tax and Take home example below for an annual salary of $40,000.00 is basically like a line by line payslip example.

Month (2018 days in month)IncomeTax DeferredStudent loan interest deductionCafeteria / OtherExemptionsTaxable IncomeFederal taxState TaxSocial SecurityMedicareTake home
January (31)$3,397.26$0.00$0.00$0.00$1,019.18$2,378.08$269.19$157.29$210.63$49.26$2,710.89
February (28)$3,068.49$0.00$0.00$0.00$920.55$2,147.95$243.14$142.07$190.25$44.49$2,448.54
March (31)$3,397.26$0.00$0.00$0.00$1,019.18$2,378.08$269.19$157.29$210.63$49.26$2,710.89
April (30)$3,287.67$0.00$0.00$0.00$986.30$2,301.37$260.51$152.22$203.84$47.67$2,623.44
May (31)$3,397.26$0.00$0.00$0.00$1,019.18$2,378.08$269.19$157.29$210.63$49.26$2,710.89
June (30)$3,287.67$0.00$0.00$0.00$986.30$2,301.37$260.51$152.22$203.84$47.67$2,623.44
July (31)$3,397.26$0.00$0.00$0.00$1,019.18$2,378.08$269.19$157.29$210.63$49.26$2,710.89
August (31)$3,397.26$0.00$0.00$0.00$1,019.18$2,378.08$269.19$157.29$210.63$49.26$2,710.89
September (30)$3,287.67$0.00$0.00$0.00$986.30$2,301.37$260.51$152.22$203.84$47.67$2,623.44
October (31)$3,397.26$0.00$0.00$0.00$1,019.18$2,378.08$269.19$157.29$210.63$49.26$2,710.89
November (30)$3,287.67$0.00$0.00$0.00$986.30$2,301.37$260.51$152.22$203.84$47.67$2,623.44
December (31)$3,397.26$0.00$0.00$0.00$1,019.18$2,378.08$269.19$157.29$210.63$49.26$2,710.89

Example Tax Calculation for $ 40,000.00 with line by Line Calculations

Are you earning $ 40,000.00 per year in Colorado? The tax calculation below shows exactly how much Colorado State Tax, Federal Tax and Medicare you will pay when earning $ 40,000.00 per annum when living and paying your taxes in Colorado. The $ 40,000.00 Colorado tax illustration uses standard assumptions for the tax calculation. This tax illustration is therefore a flat example of your tax bill in Colorado for the 2018 tax year.

In the following tables, we break down your tax return line by line to show how your tax is calculated including non-refundable tax deductions.

Your personal salary and tax calculations, see the table below for a full breakdown and analysis of your salary and tax commitments for 2018.

US Salary Tax Calculation for 2018 Tax Year based on annual salary of $40,000.00

Colorado State Tax Calculation

Annual Income for 2018$40,000.00
MinusFederal Standard Deduction ($0.00)$40,000.00
MinusColorado State Standard Deduction (1 x $0.00 = $0.00)$40,000.00
Colorado State Tax Tables
Tax RateThresholdTax Due in Band
4.63%$0.00 + $1,852.00
State Income Tax Total from all Rates $1,852.00
Total State Income Tax Due for Colorado$1,852.00

Federal Tax Calculation

Annual Income 2018$40,000.00
MinusStandard Deduction ($12,000.00)$0.00
MinusPersonal Exemption ($0.00)$28,000.00
Taxable Income 2018$28,000.00
Income Tax Breakdown [ 2018 Tax Tables ]
Tax RateThresholdTax Due in Band
10%$0.00 to $9,525.00 $952.50
12%$9,525.00 to $38,700.00 $2,217.00
Federal Income Tax Total from all Rates$3,169.50
Total Federal Income Tax Due$3,169.50
Federal Insurance Contributions Act tax (FICA) 2018
Social Security Rate6.2%
Social Security Compensation Limit$128,400.00
Social Security Maximum Tax$7,886.40
Social Security Tax Due$2,480.00
Medicare Tax Rate1.45%
Medicare Due$580.00
Take Home Pay for 2018
Gross Annual Salary$40,000.00
Total Federal Income Tax Due$3,169.50
Total Colorado Income Tax Due$1,852.00
Social Security Tax Due$2,480.00
Medicare Due$580.00

Take Home Pay$31,918.50

Found an error? Please contact us, the salary calculator is run to support our users and community, your feedback, feature requests and advice ensures greater accuracy and continued support.

Tax Calculator Settings
Federal Tax Tables2018
State Tax Tables2018
State for Tax PurposesColorado
Base Salary$40,000.00
Payment FrequencyAnnual
Gross Income$40,000.00
Deduction TypeStandard
Filing StatusSingle
Personal Exemption Phaseout 2018$258,250.00
Number of Dependents0
Number of Child Tax claims0
Aged 50 to 65 (affects IRA ROTH and 401K Calculations)No
Over 65No
Spouse Over 65No
Blind SpouseNo
Deaf, Blind or disabled ExemptionsNo
Disabled Veteran ExemptionsNo
401K Entered$0.00
401K Limit in 2018 (under 50)$18,500.00
401K Limit in 2018 (over 50)$25,000.00
IRA Entered$0.00
IRA Limit in 2018 (under 50)$5,500.00
IRA Limit in 2018 (over 50)$1,000.00
Deferred Tax$0.00
Earned Income Tax Credit$0.00
Federal Tax Withholdings $0.00
State Tax Withholdings $0.00
Medicare Withholdings $0.00
Social Security Withholdings $0.00

Note: This illustration is provided for information only, whilst every effort is taken to ensure their accuracy and we do actively maintain and update the salary calculator, the figures are for illustration only, always take professional advice before filing your return.

Colorado: Tax Return Calculation for 2018 Tax Year


Did you know you can reduce the amount of tax you pay in Colorado by investing in your retirement? Investing in your retirement means you can build up a good pension to ensure you have enough funds to retire comfortably in Colorado, Roth and Traditional IRA pension schemes offer alternate ways to invest and can save thousands of dollars which would otherwise be spent on your Fedarl and Colorado tax bill

The ROTH and IRA Retirement saving calculator (Pension Contributions Comparison Calculator) allows you to compare how your money will work for you when using either of the pension schemes. You may also like to try our Traditional IRA calculator and / or the standalone ROTH IRA Calculator.

Follow us on Facebook to be informed of the latest updates to the US Tax Form Calculator and our popular Tax and Finance Calculators.

You can leave feedback, request new calculator features and get advice and support from our community on our forums? Join us now [Opens in a new tab].. You can also register and save your tax calculations in your members area. The tax calculator and members are free to use. Built to support our tax community, making tax and finance less taxing by providing free access to tax and finance tools: Register now.

Note that the same contributions limits apply to all ROTH and traditional IRA's. For more information on ROTH, please read the material on the IRS website.

Colorado is used as the default State for State tax calculations, you can choose an alternate State using the 2018 State and Federal Tax calculator.

Access your own bespoke tax calculation in seconds for any State including Colorado: Use our Tax Calculator to produce your own tax calculation for the 2018 tax year.