If I'm an individual IT consultant and I make 115k a year and I file individually, how much will I pay in taxes (federal and state NJ)? Assume no deductions. Thank you.
2007-03-22 15:55:36 · 3 answers · asked by Sizzle 2 in Business & Finance ➔ Taxes ➔ United States
Federal Income Tax: $25,532
Social Security: $11,681
Medicare: $3,334
NJ State Tax: $7,326
Grand total: $47,873
This assumes that you are self-employed. If you are a W-2 employee, cut the Social Security and Medicare amounts in half. Your actual numbers will vary based upon your individual tax situation.
2007-03-22 22:48:49 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Go to www.paycheckcity.com for paycheck calculators. You can do an annual calculation to figure your fed and state tax liability
2007-03-22 23:05:52 · answer #2 · answered by Mom of 2 4 · 0⤊ 0⤋
Don't know , what tax breaks do you have. ( examples kids, intrest on property, biz write offs ) need to know all of that
2007-03-22 23:04:52 · answer #3 · answered by monch75 2 · 0⤊ 0⤋