What is $54,000 after taxes for someone whos single and lives in an apartment with no dependants?

Answer 1

I don't know, but I'll trade ya. Try $34,000 with 5 people in a two bedroom home. Enjoy your life to it's fullest, because I envy you.

Answer 2

Your FICA tax (Social Security & Medicare) will be $4,131 on $54,000. It could be less if you are having pretax items deducted from your paycheck first.

For Federal Income Tax purposes your taxable income will be $45,250 (This is $54,000 less the standard deduction of $5,350 and your personal exemption of $3,400). Again this could be less if you are having pretax items deducted from your paycheck. Estimated tax on $45,250 is $7,737.

Net income considering all of the above is $33,382 (goes fast, huh?). This doesn't mean that this is what you'll be netting out of your paychecks, that depends on the withholding allowances you select when you fill out your Form W-4. You could set up your withholding so that you are overwithheld and get a refund on your tax return or visa versa, so that you are underwitheld and owe on your tax return. It is simply a calculation of your annual net postition.

You did not say if you live in a state with state income tax or not, obviously if you do it would effect the above.

Answer 3

You'll pay around $7900 for federal income tax, and have about $4131 deducted for social security and medicare. Depending on where you live you might also have state and/or local income tax deducted.

Answer 4

between 38 and 40 thousand dollars in net pay, if you rent the appartment I don't believe you pay property taxes. I am entering college, so I cannot relate to your situation, but I am just going by my past knowledge.

Answer 5

Figure at a rate of 28%

Answer 6

if you are in the rip off state of california you will net approx $46,000.