How much would I need to pay w/o deductions in state and federal taxes on 120K income? I heard a portion of state taxes can be deducted from federal, is that true?
2006-09-06 10:18:36 · 6 answers · asked by Clinton R 1 in Business & Finance ➔ Taxes ➔ United States
figure about 10-15% of your income...
Yes, state taxes can be deducted from federal if you are itemizing deductions, but unless you have a house, you probably won't be itemizing deductions because your standard deduction will be greater...
2006-09-06 10:21:35 · answer #1 · answered by Tom 4 · 0⤊ 0⤋
You didn't give a lot of information or list the state where you live.
Assuming that you are single with no dependants and that you do not itemize deductions, your federal tax liabilty would be about $21, 800.
If you itemized your deductions, were married, or had children, your tax liability would be lower.
State taxes are only deductable as an itemized deduction. If you don't itemize your deductions, then you cannot deduct them.
As far as State taxes, how much you have to pay depends on where you live.
2006-09-06 11:24:24 · answer #2 · answered by Steve 6 · 3⤊ 0⤋
Check with a trusted tax advisor such as HR Block. If you have the money to do it I would go even further and check with one who has a law degree.
2006-09-06 10:21:51 · answer #3 · answered by barney3076 2 · 0⤊ 1⤋
F GW and his cronies...write everything off and get a refund!
2006-09-06 10:22:53 · answer #4 · answered by Anonymous · 0⤊ 1⤋
you need to make some charitable donations so that you will get some money back to your pocket
2006-09-06 10:22:27 · answer #5 · answered by Lionel M 5 · 0⤊ 1⤋
ask you tax advisor
2006-09-06 10:19:45 · answer #6 · answered by Mopar Muscle Gal 7 · 0⤊ 3⤋