About how much, in 2007 dollars, can an average college graduate expect to pay to government in taxes over...?

Question

40 years or so of full-time employment?

THANKS

Answer 1

Depends on what income level you will be making over those 40 years or so, which depends on what your major was in college. A lawyer can be expected to make an awful lot more over 40 years then say a teacher. And by making a lot more you can expect to pay a lot more.

Answer 2

There are way too many variables to give you an answer. Depends of course on how much the person made, but also their personal situation like if they're married, have children and how many, and what other deductible expenses they have.

If you want to take a real rough cut and say the average college grad in 2007 dollars makes $60K, is married with a stay-at-home wife and two kids, that year the family would pay around $2600 in federal income tax - multiply that by 40 and you'd get $104K on a total salary of $2,400,000 - it would really be more than that because those kids wouldn't stay kids for the whole 40 years.

Answer 3

Can not even guess , because if the Democrats get in office and rule it will be much more , if we get Hillary Care , your income tax will more than double ( which is the money taken from your check in federal taxes ) Many so called tax payers get a refund , which means they let the Govt . borrow their money with no interest ...I do not get refunds I have to pay due to owning a small business .you taxes are based on your income , so it is hard to tell , chances are in 40 years you will make several million dollars , and if you get caught up with credit traps , they will get most of it ..or save and pay cash you will get things much lower than those who finance things

the more you save , the better off you will be if we hit a mini depression , or high inflation and it is coming , we have lived beyond our means for too long , and stretched the credit too far , it is coming for the time people will pay for living so frivolously .... I have been working for 24 years , and do not have to worry about 40 years of working , I have saved all I can , and use only cash to do business , and I will be able to give my son the business in about 5 to 10 years ,and I will retire early , with my savings , and then at age 65 get the IRA

A word to the wise , try to get a Roth IRA , put in the max dollar amount in it for about seven years , and when you retire you will have several million dollars to retire on , also do not waste money on new cars , and new big houses , and other stuff you do not NEED ..friends may laugh now , but when you have plenty of cash and they will have plenty of debt and when you retire rich , they may have the new car , but they will be saying welcome to wal mart while you say I am gone to the Islands ....let them laugh now , as you will have the last laugh...Credit builds debt and borrowing power , Cash gives you nothing owed on ,and buying power , which do you want ,

People on credit cards say the rich are miserable , No we ain't ...I love no monthly payments , my friends have the 6 month old house and brand new mustang I have the same house I bought 14 years ago and have paid for as of last month , and four cars 97 to 03 models ..if they get injured at work or in an accident they will lose everything , If I do , I am still good to go with no worries .....which ever way you go , it is out there ...now go get it ...

Answer 4

depends on how much he makes - you're not giving enough info to respond with any accuracy - you would have to give income figures for every year