If I'm making $47,000 a year, what is my tax percentage? (i.e. 30%) ?

Question

Trying to figure out a budget and how much rent I can afford

Answer 1

Try this link: http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp

It's a paycheck calculator link and after you put in your salary and a your number of exemptions and allowances, ect., it will tell you exactly how much will come out of your check for taxes--State and Federal taxes per pay period.

That should be able to help you figure out how much rent you can afford too!

Answer 2

Taking the standard deduction and exemption for single under age 65 and not taking your state income tax into consideration I can tell you perzactly that your federal income tax for the year 2007 will be exactly $ 6,176.00; your fica for the year will be $ 3,956.00; for a total of $ 10,132.00; which you subtract from the 47k for a total after tax income of $ 36,868.00; divided by twelve gives you a monthly figure of $ 3,239.00. If you have a state income tax that will have to be taken out, also. The rest of the budget is up to you.

Answer 3

Depends on if you are married or have kids and if you have income from other sources (stocks, etc). I'm assuming you don't. So, about 28% is a good average to use.

Answer 4

It ALSO depends on your dependents. If you've got 10 dependents, it's going to be zero.

Here is where you can find the tax tables: www.irs.gov