If a person makes 60,000 a year what percent of their money goes to tax?

Question

I am talking overall tax, federal, state, housing, i own a car...

Answer 1

How about if you divide the sum of all your taxes by your gross income? figure a third.

It varies. At one time, I made 60,000 and paid no taxes (real estate depreciation) now 60,000 of my income goes to taxes.

Answer 2

If you're asking about the total tax burden, it's not possible to say. Much of the total burden depends upon where you live and what you own. Sales and property taxes vary widely, even within the same state. And state and local income taxes are all over the radar screen. Even estimating your Federal Income Tax burden isn't possible from the minimal information you provided. Your filing status, the number of exemptions you have, whether or not you itemize deductions -- and if you do, how much they are -- all figure into the calculations.

If you're a single taxpayer, not the dependent of another taxpayer, are under age 66, don't itemize, and live in a state without an income tax, you'll pay about $9,200 in Federal Income Tax plus $4,590 in FICA, about 23% total. If you were married and had 3 children, the Federal Income Tax would drop to around $4,500 while the FICA would stay the same and your total burden would drop to around 15%.

So, as you can see, there's no possible way to give you a meaningful number or percentage based on the nearly complete lack of information about YOUR personal circumstances.

Answer 3

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The notion of only the rich paying taxes was just talk. There aren't enough rich to pay for the stimulus package and other things that will come on down the road. So the bottom 50% of income earners will have to pay those taxes too. Also large Companies have to pass these extra taxes that they are made to pay onto the comsumer. That is just how it works. So when you buy something you are paying those taxes, not the companies, and not the rich. Shhhh. Obama doesn't want you to know this minor point, it doesn't exist.

Answer 4

Including the IRS, state income taxes, county taxes, city taxes, utility taxes, car taxes and property taxes?

Of course, your answers are going to vary wildly. I claim single, no dependents. I live in Illinois, land of "what's left to tax?" I'd say I give away around 35% of my income, overall.

Of course, that does not count the taxes I pay to spend what little money I have left after paying the above taxes (9.5% sales tax).

Really depressing once you add it up like this.

Answer 5

If you think you are getting $250. check this month, then you better be on SSI or social security, because if you are just a working citizen the tax break you see in your weekly paycheck is the only economic stimulus money coming YOUR way. The only money you are paying back at the end of the year is your normal taxes it does not include the stimuls payment.

Answer 6

Income Tax On 60000

Answer 7

Roughly 25% for federal
Another 6-9% for state (depends on the state)

Also, it depends on your tax deductions (are you a homeowner, single vs. married, etc.).

I would budget at least $20K for taxes.

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