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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29953
Experience:  Taxes, Immigration, Labor Relations
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if i make 50000 a year, how much is my net income after tax ...

Customer Question

if i make 50000 a year, how much is my net income after tax monthly would be, am merried and have 2 kids and wife? can you please give me a number aproximate number?
Submitted: 10 years ago.
Category: Tax
Expert:  Lev replied 10 years ago.
  • What are ages of your children?
  • Does your spouse work? or have any income?
Customer: replied 10 years ago.
Reply to LEV's Post: 2.5 years old and 6 months old
this was my husbend income, i dont work.
thanks
Expert:  Lev replied 10 years ago.

You will be eligible for child tax credit $1000 per child - total $2000, and your estimated tax liability will be $1073

FICA taxes (social security and Medicaid) will be $3825

Your estimated net income will be $50,000 - $3825 - $1073 = $45102

The actual refund would depend on amount of withholding.