How do I figure out how much I will pay in income taxes based on my annual income?

Question

I am newly divorced and will no longer be filing my income taxes as a married person. I assume I will be claiming myself as a dependent and possibly one of my children as well. How do I get an estimate of what I will be paying out on a weekly basis?

Answer 1

Make an accurate estimate of your income, expenses, deductions, tax credits and find a good CPA to come up with your tax liability.

Income alone is not enough. You could have an income of over a million but have loss carryovers or deductions that would zero out your tax

Answer 2

If you are employed by a company and have weekly payroll deductions see your Payroll department.
In general, it is fair to say that the amount of tax paid or withheld will vary depending on your total income and total deductions.
If you are self employed - again you need to factor in expenses and total income.
One thing you can look forward to -Single people generally pay less tax than married ones.
Good Luck

Answer 3

It varies by quite a bit depending on your exact situation - you may want to sit down with a tax person, like H&R block - ask around if anyone you know has a good person.

They can help you plan what you need to do.

Answer 4

There's no Federal inheritance tax. There is no GA inheritance tax either. There are Federal and GA State estate taxes but those are paid by the estate, not the beneficiaries. Therefore the inheritance is totally TAX FREE to you.

Answer 5

Check www.irs.gov. There are tax table for different classifications of tax payers.

Answer 6

If you have a payroll dept go to them and ask if not go to the IRS and they will help you for free.

Answer 7

go to the IRS website, look at their tax help section

Answer 8

IRS.GOV and follow the yellow brick road.