What would you like to do?
Your taxable income (the amount you made to apply a tax rate to) is, because of deductions, exemptions, dependents and other considerations, is normally very different (lower) than what you "make". A person who made 20K will have a tax rate of about 15%, however, again EITC and other credits may make this much less. Many, if not most people, especially with any family who make 20K will pay little or no tax and many actually get money back because of the credit features available for low earners.
7 people found this useful
Was this answer useful?
Thanks for the feedback!
Answer . For 2006, if you were single and had "taxable income" of 21,923, your federal income tax would be $2,911 or 13.3%. However, if 21,923 was your total gross incom…e, and no one else can claim you as a dependent, you get a standard deuction of 8,450, taxable income of 13,473 and your tax is 1,644 which is 12.2% of the taxable amount and 7.5% of 21,923.. This is federal taxes only...state tax varies by state.
The amount, high or low, of earnings makes no difference as to if you get a refund or if you have to pay more. The accuracy of what was withheld or (your required quarterly… estimated payments) to what your taxable income (an amount that is different than earnings) will be is the issue. Someone making a very large income fairly regularly has a very large refund. If for no other reason than it becomes more difficult to figure out how much they need withheld from their pay. Or alternatively, they can be underpaid and owe more, because they have income from sources that don't withhold.
How much tax you pay or have taken out depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings/reductions as a… type of tax, but many may not be. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax. And many must be paid either way, if your an employee or if your the proprietor. . The amount of tax you get back (or additional owed) depends on how much you paid in by estimated payments (if you didn't have payroll withholding, which is in itself, just a way to make estimated payments on what you may ultimately pay). And you must make estimated payments through the year (basically quarterly, the last one for 2007 is due today, 1/15/08) if your above some very low income limits, or you will pay substantial penalties and interest. . The amount of tax withheld or eventually paid also depends on other things...obviously which state (or even city) your in, the amount of income your projected on earning over the year, (which helps determine your tax bracket and the percent that may be needed), as well as your filing status, number of dependents and other deductions (like interest paid on a home, charity, medical expenses, etc) . For withholding, all these things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to, and then properly reporting them on your 1040. . Finally, there are a number of different legal ways for the payroll provider to calculate certain aspects of the amount to withhold...but overall they make only a small difference.. Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty). Again, adjusting your W-4 is the way to correct for any of these circumstances
350Type your answer here... 350
People who file single, married filing jointly and head of household and make $349,700 pay the highest taxes. They pay a base amount on the $349,700 and then 35% on any amount… over that. You can see tax schedules here: http://www.irs.gov/formspubs/article/0,,id=164272,00.html. You can also use a tax calculator if you're not into manual calculations. http://www.taxseason2009.com/tax-calculator/tax-calculators
£400 per week
What percentage of taxes will be taken out of your paycheck if you make 19k per year in west virginia?
The amount of taxes taken out in your taxes depends on the exemptions that you are allowed to claim. It can be anywhere from nothing to a couple thousand or more.
A tax bracket has to do with the amount of money you make over the specified limit. If you are a company you will probably have a payroll tax bracket as well. Depending on how… much you pay out in payroll will depend on what that tax bracket will be.
You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation… for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to your TAXABLE INCOME and page 2 lines 43 and Line 44 you will know the amount of your income liability before any credits or other taxes. Continue from Line 45 to the last lines at the bottom of the 1040 page 2 and then you will know how much taxes you will have to pay if any after you complete your 1040 income tax return correctly.
You do not have a set percentage amount that each taxpayer would pay annually in taxes. The tax bracket percentage amounts change for each taxpayers amount of taxable income… that they end up having to use to determine the correct amount of their federal income tax liability after the federal income tax return is completed correctly down to the line on the 1040 federal income tax return that says taxable income. Then you would know the amount of your federal income liability for the year and would be able to determine your percent that is being collected from you from your income for the tax year.
Zero -0- Then 10% would be the next one for the 2009 tax year. Gothe IRS.gov website and use the search box for 2009 1040ES go topage 6 for the TAX RATE SCHEDULES for each dif…ferent filing STATUSand the amounts for each MARGINAL TAX RATE bracket.
When you complete your tax return correctly and get to the line that says taxable income then you should be able to go to the tax rate schedule in the instruction book that yo…u are using to get a good idea of what your tax rates will be on your taxable income. If your adjusted gross income is 35000 and you are a single taxpayer under the age of 65 you can have 9350 of tax free income for the tax year 2009 and 2010. the amount above that would be taxed at the 10% and 15% tax bracket rate amounts. So you would have 25650 that would be taxed at those rate amounts. Go to the IRS.gov web site and use the search box for 1040ES and go to page 8 for the 2010 tax rate schedule amounts.
taaxablee incomee ^.^
Four people play each other and the fifth person gets a bye.
what is the probable result called when the government attempts to cover large deficits by creating more money