Have a Tax Question? Ask a Tax Expert
The $11,000 is going to be added to your income for the year. If single your tax liability would be $8,468 for your total income.
How much withholding you had from any other source of course is going to reduce the tax amount. Look at your income statement form the $50k and see if you had federal tax witheld. If you do and it is at least the $8500 you will not have a balance due.
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