How much tax does Uncle Sam take from a single man?

Question

If you make, let's say hypothetically, 5K a month, how much will the US government take as taxes? How much will you get back? Does it make a difference if you eaern that money in a job or from an investment such as stocks or real estate?

What's an approximate answer....

Answer 1

No way to say. It depends upon other income, the source of the income, deductions and adjustments to income, etc.

If you paid nothing in you'd owe, not get anything back.

There is no "approximate" answer. If it was all self-employment income, the tax bite could be close to 40%. If it was all long-term capital gains, it would be a flat 15% at most. That's a range of anwhere from $9,000 to nearly $24,000.

Answer 2

Assuming that all this is ordinary income, and that you have no dependents or adjustments, and don't itemize, your total income would be $60K, your taxable income would be $51550, and your tax would be $9451. Ok, less the $30 phone refund this year, assuming you are eligible for this.

As to what you'd get back - as always, that depends on what you paid in or had withheld. If you paid in more than you owe, you get the extra back as a refund. If you paid in less, then you owe the balance when you file your return.

If the income is from capital gains, then taxes would be less, maybe by a couple thousand dollars. If it's from self-employment, could be considerably more, by as much as around $9000, since you'd owe self-employment tax..

Answer 3

Thx for the replies, greatly appreciated