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The issue is that there is no flat tax rate - but a part of income is not taxed, another part is taxed at 10%, another part at 15% etc.So - if you are filing a joint tax return - and your gross income is $66,000 - all from wages.
Assuming no dependents - standard deduction - no other deductions or credits -
We need to subtract
standard deduction - $12600
personal exemption (two persons) $8000
taxable income - $45,400
regular tax $5,888
social security and Medicare tax - $66,000 * 7.65% = $5050
Let me know if that helps.
So a rough estimate$66,000 (gross) - $5,888 (federal income tax) - $5050 (employment taxes)= $55062 (net income - after tax)
If you are looking fro monthly amount / 12 = $4588.
Is that what you are looking?
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