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How much federal income tax will you pay if you make 150000 and file married with 5 dependents?

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If your taxable income is at least $100,000, you generally have to figure your taxes using a Tax Computation Worksheet instead of the Tax Tables. Your $150,000 gross income is reduced by standard deduction of $10,900 in 2008 ($11,400 in 2009) and personal/dependent exemptions of $24,500 ($25,550 in 2009) to taxable income of $114,600 ($138,600 in 2009).

Then go to Section B Married Filing Jointly/Qualifying Widow(er) for the Rate, which is 25 percent (.25), minus the Subtraction Amount of $7,313 ($7,625 in 2009). The result is your tax of $21,337 ($20,638 in 2009).

Your tax is reduced by any income tax that was withheld. Also, if you itemized instead of taking the standard deduction, your taxable income would be lower, which then lowers your tax.
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