i,m retired on a pension i draw 36000 dollars a year , how much income tax do i pay?

Answer 1

Do you collect Social Security? If you do, then there is going to be some tax on your Social Security benefits as well as tax on your pension.

With no Social Security, and if you are single and over the age of 65, then you will owe about $3,600 with no deductions or credits. However if you collect Social Security, for example in the amount of $10,000, you will be paying approximately $5,000 in tax.

Answer 2

Line 12 on form 1040A or line 16 on the 1040 is for pensions. You enter the pension amount there, enter any other income you have on the same form, total everything up and calculate your tax. If you receive social security, that should be included on the form since some of it will most likely be taxable.

If you are single and under age 65 and have no other income than the pension, no dependents or adjustments, and take a standard deduction, your tax on $36K would be around $3714 for federal.

Answer 3

we are taxed on everthing first were taxed on our wages then were taxed on everything we buy with our wages, we pay huge amounts of interests on mortgages to buy a home to live in thats if we can afford to get a mortgage after we've been taxed on everything else! Then were taxed on our pensions and finally were taxed on the money we have saved to leave something for our loved ones when we die even tho we've already payed tax on it in the first place!! The goverment just takes and takes and takes!!

Answer 4

That depends upon your filing status, exemptions, deductions, etc. Can't say without that information.

Answer 5

As much as the IRS demands that you pay.

Answer 6

Contact your IRS office for free, they will help you and you can be sure.