2006-10-27 12:55:34 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Exactly the same as the would be now if your current income was $42,000/yr.
2006-10-28 08:09:59 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Marginal tax rate - probably 15% if married filing joint, probably 25% if single. Depends on your deductions though, so not anywhere near enough info to answer. Also, if some of that is social security, it wouldn't all be taxable. To really answer the question as to approximate taxes, would need to know where the income is from, your filing status, and whether you're itemizing or taking the standard deduction.
$42,000, not taking social security yet, married filing joint, standard deduction, no other adjustments, taxable income last year would have been around $25,600 and federal income tax $3114. Single, all other assumptions the same, federal income tax would have been around $5121.
2006-10-27 14:57:20 · answer #2 · answered by Judy 7 · 0⤊ 0⤋