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Experience:  I am a lawyer who understands tax law and finance.
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HOW MUCH IN TAXS WILL I HAVE TO PAY ON A $ 1,000,000,00

Customer Question

HOW MUCH IN TAXS WILL I HAVE TO PAY ON A $ 1,000,000,00 YEARLY SALARY ? I AM A SINGLE MALE AGE 46 WITH NO TAX BREAKS OF ANY KIND
Submitted: 5 years ago.
Category: Tax
Expert:  Guru_Guy replied 5 years ago.

Hello,

If you take only the standard deduction and file single, claiming only yourself as a dependent, your federal income tax burden on $1 million would be $324,837. Since you live in Georgia, you would also pay about $60,000 in State income tax.

It would, of course, be advisable to itemize your deductions. This would likely reduce your federal income tax burden. Your exact deductions would depend on your personal situation, but for example, say you deducted the $60,000 you paid in state income tax, as well as another $40,000 in mortgage interest and/or charitable contributions, and put the maximum $5000 into an IRA. That would reduce your federal tax burden to $295,829.

You may want to speak with a tax adviser to discuss ways of sheltering additional income with use of other tax shelters.

I hope this helps!

___________________

IRS CIRCULAR 230 NOTICE: Absent an engagement for written tax advice prepared in compliance with the regulations promulgated by the U.S. Department of Treasury, no person prepared the written information contained in or accompanying this communication for use or reliance, and no taxpayer can, therefore, use or rely upon the written information contained in or accompanying this communication, (i) to avoid any penalties that the IRS may impose, or (ii) for the purpose of promoting, marketing, or recommending to another party any tax-related matters.

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