answersLogoWhite

0

To calculate income tax, one should sum up the totals of all the taxable income and subtract from it the personal allowance and any other tax free allowances. After that, one should apply the rate of tax on the resultant value to find out the income tax payable.

User Avatar

Wiki User

12y ago

What else can I help you with?

Continue Learning about Basic Math

How much will you get back if you made 13000 this year and have a daughter?

The amount you will get back in taxes depends on various factors, including your filing status, deductions, credits, and specific tax laws in your jurisdiction. If you have a daughter, you might be eligible for tax credits such as the Child Tax Credit, which could increase your refund. Generally, you would need to calculate your income tax liability based on your total income and applicable deductions to determine the exact refund amount. It's advisable to consult a tax professional or use tax software for precise calculations.


How much federal income tax will you pay if you make 150000 and file married with 1 dependent?

To estimate federal income tax for a married couple filing jointly with one dependent and an income of $150,000, you would first apply the 2023 tax brackets. The taxable income after the standard deduction (which is $27,700 for married filing jointly) would be approximately $122,300. Using the tax brackets, the estimated federal income tax liability would be around $18,500, but this can vary based on additional deductions or credits. It's advisable to use tax software or consult a tax professional for precise calculations.


How do you calculate how much your roommate has to pay when he earns more than you do?

To calculate how much your roommate should pay when he earns more, you can use a proportional method based on income. First, determine the total income of both roommates and the total rent or shared expenses. Then, calculate each person's percentage of the total income and use that percentage to allocate the expenses accordingly. This way, your roommate pays a larger share of the expenses relative to his higher income.


How do you calculate property tax in Houston Texas?

To calculate property tax you have to use property tax calculator or software, this is most eassy way for calculating value of property tax. At this calculator tool you will find option like select a county, select your city, current assessed value and property worth. After filling this option when you go to calculate button you will get value of your property tax. For more information you can visit............. property-tax-calculator.com


Is there a formula I can use to calculate how many sandbags I should get?

You will need 800 sandbags for every 1 ft of wall that needs covering.

Related Questions

How do you calculate taxes for your income?

To calculate taxes for your income, you need to determine your taxable income by subtracting any deductions or exemptions from your total income. Then, use the tax brackets provided by the government to find the percentage of tax you owe based on your taxable income. Finally, multiply your taxable income by the tax rate to calculate the amount of taxes you owe.


How can I calculate how much tax I will pay?

To calculate how much tax you will pay, you need to determine your taxable income and then apply the appropriate tax rate. Taxable income is your total income minus any deductions or exemptions. The tax rate you pay depends on your income level and filing status. You can use tax tables or online calculators to help determine your tax liability.


What formula do you use to calculate national income?

The Product MethodThe Income Method or theThe Expenditure Method


How do you compute the tax due if my taxable income is 30000?

Use the formula supplied by the tax authorities in the country in which your reside.


Which software would allow me to calculate my income tax free?

Turbo Tax and TaxAct both allow you to calculate your income tax free. However, if you want to e-file or use some of the more professional forms, that will cost extra.


How do I calculate taxes out of my paycheck?

To calculate taxes out of your paycheck, you need to know your gross income, tax bracket, and any deductions or credits you qualify for. Use a tax calculator or consult the IRS tax tables to determine the amount of federal and state income taxes to withhold from your paycheck.


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 do you use the word income tax in a sentence?

Income tax is boring but necessary.Something was dodgy about these income tax claims.


What form do I use to make estimated tax payments?

To make estimated tax payments, you can use Form 1040-ES provided by the Internal Revenue Service (IRS). This form helps you calculate and pay your estimated taxes on income that is not subject to withholding, such as self-employment income or investment income.


How does someone use a income tax calculator?

To use an income tax calculator you will need to gather and fill in some information. It can be helpful to have a W-4 form filled out before hand. Fill in all of the blank spaces on the calculator and it should calculate you maximum refund.


Is income tax an expense?

Yes. Depending on the specifics, it may or may not be a TAX DEDUCTIBLE expense, but it is most certainly an expense. (For example, your (or a Cos) state income tax is an expense, it pays it, its bottom line - the money it has to give to its owners is lowered by it), but and it is a deduction (or expense) against FEDERAL taxable income. But it is noot an expense in calculating the income you pay the State Tax on. Just like the Federal tax is NOT an expense (deduction) you can use to calculate the State Taxable Income on.


What formula would you use to calculate the net profit margin?

You take the Earning before interest and taxes (EBIT)/sales=Operating profit margin