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To determine the income tax on a $45,000 income with three dependents claimed, one needs to consider the applicable tax brackets and deductions. In the U.S., taxpayers can claim a standard deduction and additional deductions for dependents, which can significantly lower taxable income. For 2023, the standard deduction for a single filer is $13,850, and there are additional child tax credits for dependents. Therefore, the final tax liability will depend on the specific deductions and credits applied, but generally, the tax will be lower compared to filing without dependents. For precise calculations, utilizing tax software or consulting a tax professional is advisable.
What else can I help you with?
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 much tax is owed for single no dependents with income of $50,000?
what will be the tax owed on $60,000.00 for single and no dependents?
What is a federal tax allowance?
A federal tax allowance is an amount that taxpayers can subtract from their gross income to reduce the amount of income that is subject to federal income tax. This allowance is based on various factors such as filing status, number of dependents, and other deductions claimed. The total amount of allowances claimed on a tax return can affect the amount of tax withheld from paychecks throughout the year.
How much money do you get back on income tax for a 2 month old?
They can be claimed as a dependent as long as they were born prior to January1st. Extra dependents will reduce your tax liabilities but it varies from person to person based upon income and other factors.
Can a dependent file own tax return if claimed on parents' tax return?
Yes. The IRS has income guidelines for determining whether dependents are required to file 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.
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 much tax is owed for single no dependents with income of $50,000?
what will be the tax owed on $60,000.00 for single and no dependents?
What is a federal tax allowance?
A federal tax allowance is an amount that taxpayers can subtract from their gross income to reduce the amount of income that is subject to federal income tax. This allowance is based on various factors such as filing status, number of dependents, and other deductions claimed. The total amount of allowances claimed on a tax return can affect the amount of tax withheld from paychecks throughout the year.
What is the answer to Whittenburg Income Tax Fundamentals Comprehensive Problem Two Appendix D?
Jonathan is a 35-year old single taxpayer with adjusted gross income of 45000. He uses the standard deduction and has no dependents. (A)Calculate Jonathan's taxable income . B.When you calculate Jonathan's tax liability are you required to use the tax tables or the tax rate schedules, or does it matter? c. What is Jonathan's tax liability
How much money do you get back on income tax for a 2 month old?
They can be claimed as a dependent as long as they were born prior to January1st. Extra dependents will reduce your tax liabilities but it varies from person to person based upon income and other factors.
If I make 4,218 a month, what would my tax rate (net income) be with 4 dependents?
If I make 4,218 a month, what would my tax rate (net income) be with 4 dependents.
Can a dependent file own tax return if claimed on parents' tax return?
Yes. The IRS has income guidelines for determining whether dependents are required to file 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.
What are some factors affecting the amount of income tax you owe?
the amount you made plus the dependents claimed, amount of interest, charitable donations, medical, business expenses.
What tax bracket will you be in with a 35000 income with no dependents?
The 10% and the 15% marginal tax brackets.
How much income tax owed on 23000 with 0 dependents?
how much income tax do i owe on $23,000 with 0 dependants
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?
How many dependents can you claim on a federal income tax return in Georgia?
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