2007-08-26 03:44:49 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
There are too many answers you DON't give in your question for anyone to answer it. Is it self-employment or as an employee, what is your marital status, do you have any dependents, deductions or adjustments are a few.
If you are single, no dependents and not a dependent, take the standard deduction, don't have any adjustments to income, and the $80K is earned as an employee, you'd pay $6120 for social security and medicare, and around $14,376 for federal income tax, for a total of around $20,500, a little over 25%. Depending on where you live, there might also be state and/or local income taxes in addition to that.
2007-08-26 03:58:58 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You need to give some more information along with your question so I am going to assume that you are single, no dependents , not itemizing, and no other income. I used 2006 IRS information. Your Adjusted Gross Income is $80,000. Subtract $5,150 (Your standard deduction) = $74,850 now Subtract $3,300 (Your one exemption for yourself) = $71,550 is your taxable income. You would pay $14,451 to the IRS. This is only federal taxes. I don't know what state you are from (state taxes) and do you have local city taxes as well? Talk to a tax advisor near you. Usually they would give you free advice.
2007-08-26 11:14:46 · answer #2 · answered by Gary 5 · 0⤊ 1⤋
I would think this is something you should already know. Your tax rate is dependent on your income, number of dependents and deductions. That is something only you or someone who does your taxes will know.
2007-08-26 10:51:38 · answer #3 · answered by Flyby 6 · 0⤊ 0⤋
I'd say from 25 to 30 percent assuming you are single
2007-08-26 11:38:58 · answer #4 · answered by Anonymous · 0⤊ 1⤋
about 30%. I'm almost at 100k and its been pretty consistent
2007-08-26 10:50:05 · answer #5 · answered by DBanks 1 · 0⤊ 1⤋