2007-08-15 16:34:12 · 3 answers · asked by Huynh T 2 in Business & Finance ➔ Taxes ➔ United States
If you earn more than $97,500 you can afford to call a tax attorney.
If your income is all from wages, subtract your deductions and you will pay $8,772.50 plus 25% of the amount over 63,700.
If your income is from self employment, you must add self employment tax of 15.3%
If your income is from dividends or capital gains, it will be taxed at 15%.
2007-08-15 17:57:29 · answer #1 · answered by BruceN 7 · 0⤊ 0⤋
I have a couple of answers - you can take your pick:
1. Too much - I recently relocated from CA to NH (which has no state income tax). It makes a huge difference; it was like getting a big raise. Also, bought a truck when I moved to NH and saved a couple thousand because of no sales tax.
2. Too much - Our government is way bigger than it needs to be, and quite inefficient.
3. More than your fair share.
2007-08-16 11:17:45 · answer #2 · answered by Rob C 3 · 0⤊ 0⤋
If that income is from an employer, you'd pay a little over $13,000 for federal income tax unless you have itemized deductions. If you own a home, you might be able to pay somewhat less.
You will also pay 7.65% for social security and medicare.
CA taxes will be in addition to that.
2007-08-16 01:31:06 · answer #3 · answered by Judy 7 · 0⤊ 0⤋