how much taxes would be taken out of a 120,000$ a year.
2007-09-30 14:57:53 · 4 answers · asked by scorpion 2 in Business & Finance ➔ Taxes ➔ United States
In order to answer, I need more info. How is it earned? Wages or Running a business? Capital gains or dividends. It also depends on whether you are married/single and how many kids you have.
If wages, figure about 30%.
2007-09-30 15:26:35 · answer #1 · answered by nystom 2 · 0⤊ 0⤋
You don't give anywhere near enough info to give you a thorough answer.
If the income is from a job where they are taking out the 7.65% for social security and medicare, you are single with no dependents or adjustments, you are not a dependent of someone else, and you take the standard deduction, then your federal income tax on $120,000 would be a little under $28,000. Depending on where you live there might be additional income tax for state and local.
2007-09-30 15:51:19 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
60 yo single person withdrawing 120000 from retirement portfolio. Sent 30000 to IRS for taxes on the amount and am trying to identify remaining taxes so I can prepare.
2015-08-06 06:58:57 · answer #3 · answered by tgrpetra 1 · 0⤊ 0⤋
wages
2016-05-09 09:30:42 · answer #4 · answered by ? 1 · 0⤊ 0⤋