Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello and thank you for using Just Answer.
Above is a breakdown of what the tax would be on the $260000 that you stated for a single individual with no dependents and using the Standard Deduction.
Since you did not advise of anything different I used single and did not have numbers to itemize (mortgage interest, charitable contributions, medical....).
Here is a link to a very good calculator for 2010 taxes if you would like to see how changes would effect the tax liability:
I sincerely XXXXX XXXXX information is helpful,