How much tax do one need to pay if gross salary per annum is 60000 US$ in Chicago?

Question

What are the tax rates and are there any rebates for a married person (with a housewife and 1 child)?

Answer 1

This answer based on 2006 outline; 60k gross, married, filing joint and one child (assume under age 17 for child). Standard deduction amount 10,300 plus 3,300 for 3 dependencys equals 20,200; which you subtract from the 60k; leaving a taxable income of 39,800. On this amount the federal income tax amount is $ 5,244.00; plus you will be paying 1/2 of the social security bite of 15.3%, or 7.65% (your employer pays the other 1/2) which is 4,590. Combine the two; 4590 and 5244 for a total of $ 9,834. Subtract this from the 60k and you are left with a total of 50,166.00. Illinois state tax is 3% of 54,000; or 1,620.00

Answer 2

The answers that were given are correct based upon the extremely limited information that you gave. There is no income tax in the City of Chicago.

Answer 3

With three exemptions (yourself, wife and child), and taking the standard deduction, your taxable income in 2006 on $60K would have been $39,800, and federal income tax $5219, minus $1000 child tax credit for tax of $4219.

Other taxes would also come out - $4590 for social security and medicare, plus 3% state income tax after exemptions (around $1620 tax), and local income tax if one exists where you live