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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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What is the Federal Tax on $112,000.00?

Customer Question

What is the Federal Tax on $112,000.00?
Submitted: 4 years ago.
Category: Tax
Expert:  Richard replied 4 years ago.
Good afternoon. Is the $112,000 the gross income or your net taxable income after taking all your deductions? Also, what is your filing status?
Customer: replied 4 years ago.
$72,000.00 is spousal support, won $40,000.00 in the Wisconsin Powerball, which the redemption center immediately subtracted $9996.00 for the Fed's. March 2nd, 2012 had H & R Block do my taxes and I paid what was owed, $5619.00. This past Friday received a bill from the IRS that expects another $10,035.00 by June 18. Do I owe any additional money?
Expert:  Richard replied 4 years ago.
I'm going to have to opt out....I don't have enough information to determine what your tax liability would be. I'm sorry!
Expert:  Lev replied 4 years ago.

Hi and welcome to Just Answer!

Assuming - you are Single - with income $72,000 is spousal support, and $40,000 in the Wisconsin Powerball winnings - total $112,000.

Assuming standard deduction, no dependents, no other deductions or credits - your estimated tax liability is $22,300.

Considering that $9996 in federal taxes were withheld - your additional tax liability would be ~$12,300.


What you might do to reduce your tax liability?

Itemize your deductions and deduct additional gabbling losses if you have any.

Otherwise - I am not clear how the IRS determine your additional tax liability.

Please provide exact text of the IRS note.