if you earned 20,000 dollars...?

Question

last year how much taxes will you have to pay?

Answer 1

It depends on a lot of factors... Are you head of household?... Do you have kids...? Do you own a house?... Number of allowances?... it's different for everybody.

Answer 2

It all depends...state taxes differ from state to state...Do you have any dependents? Does somebody else claim you as a dependent? Do you pay for insurance? Is any of it paid for through pre-tax dollars?

Federally speaking you fall in about the 15% bracket. Meaning...out of $20,000 you're responsible for about $3,000 in taxes. However, if you've paid more than that throughout the year, you'll probably get some money back....

I'd recommend talking to a certified accountant....I think H&R Block is pretty cheap. Or even turbo-tax would be a good investment if you're working off of a basic W2.

Good luck!

Answer 3

That depends on how much or little was taken out and what you are responsible for, and what your filing status is (single or married). You need to use the irs.gov tax table to see how much you're responsible for, then subtract that amount from what you actually paid in taxes last year based on your W2s (or your last Dec 2006 check stub). If you paid more than the amount on the tax table, that difference will be refunded to you. If you paid less, you'll owe the remainder. Hope that helped clear things up!

And Kenneth D is only half right. Your withheld amount is actually taken into consideration when you're filing your taxes, which is what I'm assuming you're asking about since it's tax time! You wouldn't pay anymore than you already have (that would be unethical and illegal for them to take more than what you owe!).

By the way.... all those who earned less than $52,000 last year qualify for "free file" according to the irs.gov website. This means you're eligible to file your federal income taxes through a participating website for free (no filing fees whatsoever!). I did mine at H&R Block and it was quick and easy. All you need are your 2006 W2s.

Answer 4

If you had gross income of $20,000 you would be entitled to a personal exemption ($3300) and standard deduction ($5150) totalling $8,450.00. That would leave you net income of $11,550.00. That tax on that amount for a single individual is $1,351.00. If you are married or have dependents this will be less. You should consult a tax professional. You may be able to save significantly on this amount.

P.S. How much you pay in taxes has nothing to do with how much was withheld. That just means you have already paid it and don't owe it now. You still pay the same whether money is withheld or not.

Answer 5

Not enough info. Are you married or single? Any kids who live with you? If so, how old are they?

To give you an idea: single, no dependents, not a dependent of anyone else, standard deduction, no adjustments to income, your tax bill would be $1359. This assumes you worked as an employee and got a W-2. If you made this much from your own business, you'd also owe self-employment taxes of around 15.3% of your net self-employment income.

Answer 6

Too many unknowns for an educated guess. DO you have an dependents? Are you being claimed as a dependent by someone else? What kind of withholding did you have taken out of your check What deductions above your standard withholding are you eligible for? There are numerous other questions so there is no answer.

Answer 7

It depends on what your employer was withholding during the year.
Also, married or single.
Let's assume you're single and want to know how much total you've paid all year:
You'll pay $755 plus 15% of any income of $7,550 (so 15% of 12,450).
Your total tax bill will be $2622.50 without any credits or deductions.

Answer 8

I am so amazed at all the idiotic answers so far.

It is complicated. It depends on where you live. In most states you need to pay a State Income Tax, which can range from a few percent up to 6 percent. In Connecticut you would pay only $144. In New York you would pay $975. Yikes !

Next, for Federal tax, it depends on if you are single or married and if you have any dependants. Let's assume you are single and have no dependants (children). You get a standard deduction for yourself of $5150 so you pay tax on the remaining $14,850. From the IRS tax table (link below) you pay $1,854

Answer 9

It depends on how much in taxes (withholding) you were having held out of your paycheck and your personal situation, i.e. spouse, dependents, deductions. This could swing how much you owe or how big your refund is by hundreds of dollars.

Answer 10

You are probably in a 28% tax bracket. My guess is just about $5,600 +/-