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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6108
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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How are you? I had a question about how much I will pay in

Customer Question

Hi, how are you?
JA: I'm good. And you?
Customer: I had a question about how much I will pay in taxes from my salary
JA: Sorry to hear it. How can we be of help?
Customer: My salary is $60,000 annually. I'm single and have no dependents. I live in Washington State. If I contribute $5,500 to a Traditional Ira and I take the standard deduction, I'm wanting to know what my annual Net income will be? Thanks
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: No. Thats it.
Submitted: 15 days ago.
Category: Tax
Expert:  Stephen G. replied 15 days ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  Stephen G. replied 15 days ago.

OK, Well here's a summary of the important item:

Gross Salary ................$60,000.

Less IRA Contribution (5,500.)

Less Personal Exemption (4,050.)

Less Standard Deduction (6,300.)


Taxable Income $44,150.

Federal Income Tax (6,809.)

Social Sec/Medicare W/H (4,590.) [$60,000. x .0765 = $4,590]


Net After Tax Cash flow would be the $60,000. less the IRA Contribution of $5,500., less the Federal Income Tax of $6,809., less the Social Security withholding of $4,590. or $43,101.

If the above columns are not aligned properly it is due to the limitations of this method of communicating.

Let me know if I can respond to any follow-up questions.

Otherwise, please remember to rate my response as that is the only way I will receive credit for assisting you today.

Steve G.

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