2007-09-19 14:49:59 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
That depends on too many things to give you an answer.
If a single person, not a dependent, has no dependents, takes the standard deduction, is under age 65, and doesn't have any other income or adjustments, made or won $500K, their federal income tax would be around $152K. In addition, depending on where they live and what the money was from, there might also be state taxes, local taxes, and social security and medicare.
2007-09-19 15:16:28 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
You're government--you know, the one of the people, by the people, and for the people?--make it so that it's impossible to know how much taxes you pay. If you were given $500K in a lump sum, they would of course take X amount right off the top. Say half, even though it wouldn't be that much. Now a fool might consider the remaining money "after tax" income, but they would be WRONG!
Buy a cell phone and you pay HEAVY taxes. Likewise for land lines, cable TV, gasoline, and a variety of other items. There are luxury taxes, tolls, permit fees, property taxes, etc., etc., etc. ad nauseam. So, the ONLY way that you could EVER figure out the true amount of taxes is to track EVERY penny from the time you received it until the last nickle was gone and totaled every tax you paid along the way. I would say that depending on your purchases, you could easily go more than 50 percent taxes.
Who was it that said that taxation is "the art of plucking the chicken with the least amount of squawking"?
2007-09-19 15:02:33 · answer #2 · answered by Just_One_Man's_Opinion 5 · 0⤊ 2⤋
It depends upon many factors-- your filing status, dependents, type of income, other deductions, your state. Here is in general answer;
1. On your earned income (wages, self employment income) you give Social Security tax @ 6.2% of the first $97,500 in wages for 2007 and Medicare: 1.45% of all wages.
2. On your taxable income, the federal income tax is
*For singles: $101,469.25 plus 35% of the amount over 349,700
*For Married Filing Jointly: $94,601.00 plus 35% of the amount over 349,700
3. Then you have State tax liability depending upon your state.
2007-09-19 16:49:51 · answer #3 · answered by MukatA 6 · 0⤊ 0⤋
depends on how acquired..litigation settlement ..divorce..bank robbery..inheritance
too little data in the question
2007-09-19 15:39:08 · answer #4 · answered by goobar121 2 · 0⤊ 0⤋
39%
2007-09-19 14:53:02 · answer #5 · answered by Rob 2 · 0⤊ 1⤋