THANKS for any help. If you know of a site where I can figure this out let me know :)
2007-07-30 07:08:11 · 2 answers · asked by meghananne23 4 in Business & Finance ➔ Taxes ➔ United States
If your gross income is $40,000 and you file a joint return and have one child, your taxable income is about $20,000. Figure 15% of that for federal taxes (that is an overestimate), plus 8% for SS and Medicare, plus maybe 5% for state taxes, and you are paying 28% in taxes. You may also have other payroll deductions for things like health insurance, life insurance, etc.
So after taxes, about $28,000. Not counting nontax deductions you elect with your employer.
2007-07-30 07:34:24 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
It's really not possible to say accurately as there are many factors that go into figuring your tax liability.
Go here for some handy paycheck estimators: http://www.paycheckcity.com
2007-07-30 07:13:06 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 1⤋