What is the basic calculation for taxable income vs. return?

Question

For the most simple of tax returns, what is the basic percentage of pre-tax income that will be owed the gov't come tax time? Is there such a thing? I know it's not exact, not a sliding scale but is there a basic breakdown in how much you make vs. how much you will owe?

Answer 1

There is no basic calculation. Your taxable income is determined by subtracting personal exemptions for yourself, your spouse (if you file a joint return), and any dependents and your deductions form your Gross income. For a 'simple' return, I assume you mean no itemized deductions. Your standard deduction depends on your filing status (single,married filing jointly or separately, head of household). After you determine you taxable income, the amount of tax depends on your income level. Your filing status changes the dividing lines between rates.
Everything above applies to Federal Income taxes. Most states that have state income taxes use a similar method.
So far I have ignored FICA aka social security tax. At 7.65% up to the current maximum, it is the easiest to compute.

Edit: Ray, the question said 'the most simple returns'. Itemized deductions and ANY credits are not 'the most simple returns'.

Answer 2

It is a sliding scale and it all depends on your wage. Get the 1040 booklet and the guess what your taxable income is and look it up. There is also a Tax Calculator on the IRS.GOV website. It works pretty good.

Answer 3

Your filing status is what determines what tax bracket you are in for taxable income. You can then take standard deductions or itemize based on child care credits, medical expense, educational expenses, and other things that lower your taxes. Check the IRS website.