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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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How much taxes do i owe a year if i make $65,000 a year

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Submitted: 9 years ago.
Category: Tax
Expert:  Ed Johnson replied 9 years ago.

Dear Kwency,

This is difficult to ascribe with the limited amount of information given.

It actually depends on three things.

You start with your filing status at tax time: singel or married, or head of household, etc. You then have personal exemptions based on yourself, filing status, and number of dependents.

Then you have to arrive at an adjusted gross income. In this case, it would be the 65,000 - your exemptions.

They you get to determine taxable income by subtracting itemized decuctions or taking the standard deduction for your filing status, which is somewhat less than the 65,000.

Finally, you get to apply any tax credits that you are entitled to, that reduce your taxes due.

However, let me send you to the following tax tables so you can see where you might fit in,and figure your taxes.

A rought estimate is a final figure somewhere around 22%. The tax tables will list a higher figure, but that would be treating your 65,000 as your final taxable income.,,id=164272,00.html