How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13316
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

How much tax would I pay on $5,000,000

Customer Question

How much tax would I pay on $5,000,000
Submitted: 9 months ago.
Category: Tax
Expert:  Robin D. replied 9 months ago.

Hello

If you were single , standard deduction used, your tax liability would be $1,932,290.25

That is at ordinary rate.

It really depends how you get the $5mil. Id self employed you would also need to pay SE Tax,

SS $7,347.00

Medicare Tax $115,700.00

You are required to click a positive rating if I am to be credited with the response.

Expert:  Robin D. replied 9 months ago.

Please respond