I'm starting a new job, and I wanted to create a budget. Do you have any idea approximately how much tax I will have to pay?
2007-02-20 10:27:38 · 11 answers · asked by deena 1 in Business & Finance ➔ Taxes ➔ United States
pusherhombre is on the right track. However, you would pay LESS on the same income in 2007. The reasons are that the standard deduction and the tax bracket divisions usually go up based on inflation. A larger deduction decreases you taxable income.
$45,000 Gross Pay
$5150 Standard Deduction (Single 2006)
$3,300 Personal Exemption (2006)
$36,550 Taxable Income
$5,561.25 Tax using 2007 tax table.
If your state has an income tax, that is in addition to the federal tax. Social Security/Medicare tax is 7.65% of gross.
2007-02-20 12:56:56 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
About $5701 federal tax if you have no other income and you are not taking any adjustments or itemizing deductions and you are filing Single.
You are in the 25% tax bracket if you are single.
The $5,701 is the federal tax you will owe and should be withholding for. Your withholdings are subtracted from the tax liability to see if you overpaid (refund) or underpaid (tax owed) for the year.
$5,701 is also the 2006 tax. You will likely pay slightly more in 2007, but we need to see what the President and Congress passes.
2007-02-20 10:50:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Since you are now rich half of the money you make will go towards taxes to help pay for the programs of the Democrats. Bush is at fault as well since he is not guarding the border and you will be required to pay for the schooling and feeding of illegal aliens.
2007-02-20 10:30:50 · answer #3 · answered by Anonymous · 1⤊ 1⤋
may be 35% of the salary
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2007-02-20 18:26:15 · answer #4 · answered by ellen h 2 · 0⤊ 0⤋
Filing status ?? Exemptions ??
10% on first 8 grand or so. Then 15% on money up to 31 or so . 20 % after that for you
2007-02-20 10:34:05 · answer #5 · answered by Rick F 2 · 0⤊ 0⤋
I would say around $5000-$7000, not including any deductions you may have.
2007-02-20 10:29:47 · answer #6 · answered by Right_Tonight 3 · 0⤊ 0⤋
General rule is 35% of what your salary is. But of course, if you have a lot of write offs, that could very well decrease.
2007-02-20 10:29:30 · answer #7 · answered by orange 2 · 0⤊ 2⤋
12 bucks lol
it depends on how you claim and what are your deductions are
2007-02-20 10:30:44 · answer #8 · answered by Anonymous · 0⤊ 0⤋
what state do you live in?
2007-02-20 10:29:04 · answer #9 · answered by Huh? 3 · 0⤊ 0⤋
ask an accountant, there's too many variables to figure it out on your own
2007-02-20 10:30:51 · answer #10 · answered by Anonymous · 0⤊ 0⤋