Lets say you make $30-40,000 a year, how much of that is taxed? (America)
2006-11-02 09:31:26 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
What is your filing status? Married, single...ect...? How many dependents do you have? Do you own a home? Do you have unreimbersed employee expenses? Charitable donations? My Point: your question is unanswerable because of it's vagueness. No offense ment, but ignore any answers you get that do not address the above issues because they will be WRONG.
2006-11-02 11:29:08 · answer #1 · answered by Great Tax Info 2 · 0⤊ 0⤋
I'll take a different approach than everyone else. You subtract you standard deduction or itemized deduction and however many personal exemptions you are entitled to based on the size of your household. Whatever is left is you taxable income and is the amount that is taxed. The rate at which it is taxed depends on you filing status. RamsGod gave the rates in his answer. Although, deductions and exemptions MAY reduce your income to a lower tax bracket.
These figures are for federal income tax. State income tax and FICA aka payroll taxes are not included.
2006-11-02 21:28:42 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
25% Single or Married Filing Seperate
15% Married Filing Jointly or Qualifying Widow(er)
15% Head Of Household
2006-11-02 17:46:57 · answer #3 · answered by RamsGod 3 · 0⤊ 0⤋
Plan to loose about 30% of your income to state, federal, unemployment, social security, etc taxes. State tax rates vary quite a bit, and it helps if you have dependents, medical expenses, charitable contributions, and qualified retirement contributions to reduct your tax liability.
2006-11-02 17:40:58 · answer #4 · answered by M H 3 · 0⤊ 1⤋