If I earn 100,000 a year, single, HOH w/ 2 dependents, how much would I play in taxes a year (roughly)?

Answer 1

Depends on if your state has income tax, if you have deductions such as home mortgage interest, real estate taxes, etc, but I'd say 15% federal. Any CPA's for help out there?

Answer 2

If you look in the back of the Publication 17 they have a Tax Table. To find what amount you look up for the HOH filing status, making 100,000 a year as your AGI on line 37 of your 1040, you would subtract your standard deduction of $7300 or 2005, it will be higher for 2006. It will leave you with 92700. Then subtract your exemptions of 3200/per exemption in 2005 again higher in 2006. Again leaves you with a taxable amount of 83100. Then on that amount you would be taxed. The tax is 16,279. Now as far as how much taxes you would pay would depend on if you have any credits that you could claim. You would subtract them from the 16, 279. Then subtracting how much federal you paid in. If your federal tax is more than this amount you would get a refund back if not that would be the amount you would have to pay. Now if your taxable amount is 100, 000 after subtracting out your standard deduction and exemptions your tax would then be 20, 498 minus credits and federal.

Answer 3

Assuming that you are using standard deduction, for the HOH house hold filing status with two dependents your total federal tax will be around 15995.00 For the single filing status it will be around 18117.00. The taxes are calcuated using a calculator I developed. You can try out different combinations and get an estimate of the taxes for 2006. Search Yahoo for "2006 tax calculator"

Answer 4

Roughly, with the small amt of info given, your current Fed.tax obligation is about $16000 . Of course this can all be reduced depending on any deductions you may have such as a pre-tax 401K w/ your employer, which would protect some of your earned income, deductible mortgage interest, medical deductions, donations, real estate taxes paid, etc, etc.

Answer 5

That would depend on your deductions. I generally earn about 90K/year but my taxes vary, often by several thousand dollars a year, depending on what I have to deduct. On years where I have a lot of business travel expenses I pay less than the years where I have primarly stayed home.

Answer 6

filing status as HOH
AGI $100,000.00
(standard)Dedection less $7,300.00
Exemption(3) less $9,600.00
Taxable Income $86,300.00
TAX 16,266.00

I say around your tax for 2006 $16,300.00

But with your income at $100,000.00 I would say you must own a home so that standard deduction is out the window. and your tax is less than that.

Answer 7

Somewhere around $17,000-18,000 for federal. Your taxable income would be around $85,000 unless you have enough deductions to itemize.

State and local taxes depend on where you live.