what would be the taxes on $50,000 a year in income?
for a single person with no dependents. don’t include the sales tax, just payroll taxes for a working person.
Originally posted 2010-04-19 09:01:40. Republished by Blog Post Promoter
,,I have a question regarding my VA Bens and doing my taxes this year, for the $300 rebate.? ,How much will I get back in taxes this year? ,How Much Income Tax Are the Feds Really Taking from You? ,how much do californians pay in taxes per year? ,How do i work a payment plan with IRS ? ,Comments (3)
it depends if you live in a state that has payroll taxes too. in the state i live in, single with no dependents, state, federal, and FICA is 25 percent of the gross.
If you lived in California this would be the results WITHOUT STATE TAX.
Single and 2 exemptions (2 is standard for single)
Net $39198
Annual Gross Pay $50,000.00
Federal Withholding $7,686.00
Social Security $3,100.00
Medicare $725.00
Net Pay $38,489.00
Of course, the state in which you work could change that if you work in a state with an income tax, as most people in the US do. And that’s just with the standard deduction. If you itemize you may owe less than that in federal withholding at the end of the year. Also, if you have health insurance deductions (for example, as you may have additional deductions from your pay that affect your taxes) the cost of that is subtracted from your pay before any taxes are calculated. But that’s a start, lol.