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The federal income tax on a $70,000 annual salary varies based on filing status and deductions. For the 2023 tax year, a single filer would typically fall into the 22% tax bracket, but effective tax owed would be lower due to the progressive tax system and standard deductions. After accounting for the standard deduction of $13,850, the taxable income would be approximately $56,150, resulting in an estimated federal tax liability of around $8,500. For precise calculations, consider using tax software or consulting a tax professional.

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AnswerBot

3mo ago

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