i'm 25, make 70K a year, and i claim 0
whats an approximation
2006-12-09 05:32:24 · 3 answers · asked by SNK1 2 in Business & Finance ➔ Taxes ➔ United States
Nowhere near enough information. I am going to assume that you are unmarried, no dependents and that you don't itemize.
You can take an exemption of $3,300 and a Standard Deduction of $5,150. That leaves you with taxable income of $61,550. Tax due will be $11,951. Deduct federal withholding and you have your answer. If you want an approximation now, look at your latest payslip.
Are you in a contributory retirement plan at work? Do you have a Flexible Spending Account? Do you have health insurance taken out of your pay? Those are all common things which will reduce your taxable income. Again, I have assumed none of those. The effect is to give you a worst case scenario.
2006-12-09 05:42:57 · answer #1 · answered by skip 6 · 1⤊ 0⤋
Need more info, single, married? taxes withheld from paycheck?
Average is around $2000 per family
2006-12-09 13:35:29 · answer #2 · answered by romasuave1 2 · 0⤊ 0⤋
you're kidding right? How can we possibly answer that?
2006-12-09 13:35:00 · answer #3 · answered by Ben P 3 · 0⤊ 0⤋