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What is the average tax on $120000 annual salary?
The answer depends to a large degree on the number of exemptions, filing status (married or single), and especially your itemized deductions.But roughly speaking, $120K puts a person in the 33% tax bracket. That means anything more that you earn will be taxed at 33%. But much of your earnings are taxed at lower rates, so your effective tax rate will be lower.You can use this handy calculator to come up with your own estimate:http://www.moneychimp.com/features/tax_brackets.htmWith no deductions, your taxes will be about $27,000, for an effective tax rate of about 22.5%.