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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 in taxes will i pay on $40,000

Customer Question

how much in taxes will i pay on $40,000
Submitted: 7 years ago.
Category: Tax
Expert:  Ed Johnson replied 7 years ago.

DearCustomer

 

Thank you for your question. In order to answer this I need to know your filing status. If you are married I need to know how many dependents you have not including yourself an a wife.

 

I also need to know if you are talking about how much tax you will pay as part of your tax return, or are you talking about withholding form your pay.

Customer: replied 7 years ago.

I am single. I have no dependents.

 

I would like to know how much will be withhold from my pay. I am trying to determine how much money I will be bringing home from $40k.

Expert:  Ed Johnson replied 7 years ago.

Dear glmmanage,

 

thank you for your question.

 

Based on the information given, you should be claiming single and 2 not more than 3. i will figure based on single and 2 exemptions. is that ok?

 

And do you want to know for each biweekly paycheck or the entire year.

 

Customer: replied 7 years ago.

That sounds fine. I am assuming by 2 or 3 you are referring to withholdings. I am not sure how to come up with those numbers, but I can do that research.

 

I would like to know for the entire year.

 

Thank you.

Expert:  Ed Johnson replied 7 years ago.

YOu figure your withholding with the form W-4. http://www.irs.gov/pub/irs-pdf/fw4.pdf

 

Your bi-weekly paycheck will look like this:

 

<table border="0" cellspacing="0" cellpadding="1">Your Pay Check Results

Bi-weekly Gross Pay

$1,538.46

Federal Withholding

$158.00

Social Security

$95.38

Medicare

$22.31

California

$39.71

CA SDI

$16.92

Net Pay

$1,206.14