if me and my wife made 70, 000?
2007-12-24 20:42:30 · 3 answers · asked by Robots 4 in Business & Finance ➔ Taxes ➔ United States
we have two kids
2007-12-24 23:58:24 · update #1
Nowhere nearly enough information to say with any precision. However if you file jointly, take the standard deduction, have no children, and this is all income from wages subject to withholding, your Federal Income Tax liability on $70k would be about $7,092.50
2007-12-24 21:51:19 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Not really enough info to be accurate.
If you take the standard deduction, don't have any adjustments like student loan interest, your federal income tax bill would be around $6076 minus $2000 in child tax credits if both kids are under 17 so you get the $1000 child tax credit for each of them, so would end up around $4076. If you have other credits like a child care credit if they kids are under 13 and you pay for child care, or if you itemize, or have adjustments like student loan interest, that could be further reduced.
2007-12-25 10:05:56 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Stating that you have 2 kids saved you another $3,000 - $3,500.
Any other deductions?
2007-12-25 09:08:21 · answer #3 · answered by Steve 6 · 0⤊ 0⤋