You know income tax? Answer this simple question.?

Question

approx how much would a married individual with 50k yearly taxable income save in fed income tax by declaring 1 dependent son/daughter college student? 3 other dependent children (one of which is in college)

Answer 1

You could reduce your income taxes by about $500 with an additional dependent. This is figuring you are in the 15% marginal tax bracket, and the additional exemption is $3,400.

Answer 2

In addition to what others have said, if any of the dependent children are under age 17 and live with you, you can probably take a child tax credit of up to $1000 for each of them.

Since the college student is almost certainly at least 17, you wouldn't get the child tax credit for them, but would most likely be able to get an education credit for them if they're your dependent, in addition to the exemption.

Answer 3

You can take the additional standard deduction of 3500. Then depending on your tax bracket (15%, 25%) multiply
so 25% of 3500 = 875 savings. Then if you paid any tuition, depending again on your adjusted gross income (I think it's line 37 on schedule 1040), you can also get credit for the tuition paid for the college dependent student. Check out form 8863 at http://www.irs.gov/pub/irs-pdf/f8863.pdf

Good Luck

Answer 4

Assuming that you are talking about Federal income tax: 1. Unearned and included 2. Unearned and included 3. Earned and included 4. Unearned and included

Answer 5

You can look this up from your state site. or go to IRS its free and you can put all your info into that just like if you were doing your taxes. It will figure it all out for you and you can see what it will be. You do not have to send it in either unless you want too but it will base it on this yrs. Hope this helped.