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How much federal income tax will you pay if you make 150000 and file married with 5 dependents?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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How many dependents can you claim on a federal income tax return in Georgia?
3
What is the information needed to fill out and income tax form?
What income you had. What expenses by type you had. What your family situation is (married, dependents, etc).
What tax bracket would a married couple no dependents with annual income of $100,000 be in ?
What tax bracket would a married couple with one dependent and an annual income of $150,000 be in?
What is Form 1040ez?
Form 1040EZ is the easiest of the three income tax forms someone can use to file their federal income taxes. If taxable income is less than $100,000 AND you don't claim any dependents AND you file as single or are married filing jointly, then fill out Form 1040EZ.
On this year's income tax can you file dependents?
You can always file dependents on your income tax return, as long as you have dependents living in your home that you are responsible for supporting financially.
How many dependents can you claim on a federal income tax return in Georgia?
3
What tax bracket would a married couple with income of $100,000 (no dependents other than selves) fall into?
What tax bracket would a married couple with income of $100,000 and no dependents other than selves fall into?
What is the information needed to fill out and income tax form?
What income you had. What expenses by type you had. What your family situation is (married, dependents, etc).
What tax bracket would a married couple no dependents with annual income of $100,000 be in ?
What tax bracket would a married couple with one dependent and an annual income of $150,000 be in?
What is Form 1040ez?
Form 1040EZ is the easiest of the three income tax forms someone can use to file their federal income taxes. If taxable income is less than $100,000 AND you don't claim any dependents AND you file as single or are married filing jointly, then fill out Form 1040EZ.
When you file for federal income tax will you get the same amount for your dependents no matter what state your in or does it differ from state to state?
FEDERAL income tax is governed by FEDERAL law and regulations- same everywhere. Different STATES may have different STATEtaxes.
On this year's income tax can you file dependents?
You can always file dependents on your income tax return, as long as you have dependents living in your home that you are responsible for supporting financially.
Average income of very rich?
150000
How much of your federal income tax withheld do you receive back in tax returns?
The amount of withheld federal income tax that is returned to you depends on a variety of factors. Your yearly income, marital status, number of dependents, and expenses are all used to calculate your tax return.
What is a free income tax estimator?
Free income tax estimator is a calculator that you put basic information into. Yearly income, federal tax withheld, number of dependents. Then it will give you an estimate of your refund or if you owe money.
Can dependents file taxes?
Yes. The IRS has income guidelines for determining whether dependents are required to file their own tax returns. Generally, for 2008 income, dependents are required to file if single under 65 with earned income of over $5,450 ($5,700 for 2009) or if married under 65 with earned income of over $6,800 ($7,100 for 2008). Even if your income is below the level requiring you to file, you should file if income tax was withheld from your earnings in order to receive a refund of that tax.
If you make under 25000.00 a year and are head of household with two dependents do you get money back from income tax?
This could be possible if this is earned income but you will know the numbers until you have completed your 1040 federal income tax return correctly.
