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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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How much taxes should I pay on $31,000?

Customer Question

If I made $31,000.00 for one year, how much Federal taxes should I pay?


Submitted: 10 years ago.
Category: Tax
Expert:  Ed Johnson replied 10 years ago.

It is difficult to say with the information provided. You will note that the amount of taxable income from the 31,000 will actually depend on the following:

1. Filing status (i.e. married, single, etc.)
2. Number of exemptions claimed on the W-4 (which will tell the withholding, but not what the actual tax will be).
3. Number of dependents or family members in addition to yourself (which will be used to determine the actual taxes)
4. Adjusted gross income (not just 31,000), but with additions and subtractions from income.
5. Allowable deductions and or tax credits.

Based solely on the withholding model, of single and no dependents on the W-4, your total annual paycheck would look like this:

Annual Gross Pay, $31,000.00

Federal Withholding, $3,879.00

Social Security, $1,922.00

Medicare, $449.50

New Jersey, $520.00

SUI/SDI, $246.05

Net Pay, $23,983.45