2006-08-29 08:22:45 · 4 answers · asked by kris 2 in Business & Finance ➔ Taxes ➔ United States
If you're making $48,000 per year and you're single, your taxes will be roughly 25% of your income ($12,000 per year). Bear in mind, however, that's not what you'll pay -- you have certain deductions that you can claim that will lower your taxable income. If you take the standard deduction and claim yourself as a dependent, your taxable income will drop by about $10,000.00. If you itemize deductions (like property taxes, interest on your mortgage, contributions to church/charities, vehicle registration, etc.) you can drop your taxable income even more than that.
2006-08-29 08:29:25 · answer #1 · answered by sarge927 7 · 0⤊ 0⤋
Assuming that this person does not itemize their deductions and does not have any benefits taken before taxes, their taxable income should be about $39,800 which makes their federal taxes just below $6,520.
If they itemize and/or have some benefits taken before taxes, then it will be lower.
2006-08-29 18:36:38 · answer #2 · answered by Steve 6 · 0⤊ 0⤋
whoa u be makin a lot of dough for a single person
i got no idea
2006-08-29 15:25:40 · answer #3 · answered by marie anna b 2 · 0⤊ 0⤋
28%
2006-08-29 15:28:01 · answer #4 · answered by patrick_c_a 1 · 0⤊ 0⤋