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How much taxes do I owe a year if I make 65,000$ a year?

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How much taxes do I...

How much taxes do I owe a year if I make 65,000$ a year?

Submitted: 10 years ago.Category: Tax
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Answered in 10 minutes by:
7/9/2007
Tax Professional: Ed Johnson, Tax Preparer replied 10 years ago
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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This is difficult to ascribe with the limited amount of information given.

It actually depends on three things.

You start with your filing status at tax time: single or married, or head of household, etc. You then have personal exemptions based on yourself, filing status, and number of dependents.

Then you have to arrive at an adjusted gross income. In this case, it would be the 65,000 - your exemptions.

They you get to determine taxable income by subtracting itemized deductions or taking the standard deduction for your filing status, which is somewhat less than the 65,000.

Finally, you get to apply any tax credits that you are entitled to, that reduce your taxes due.

However, let me send you to the following tax tables so you can see where you might fit in,and figure your taxes.

A rough estimate is a final figure somewhere around 22%. The tax tables will list a higher figure, but that would be treating your 65,000 as your final taxable income.

http://www.irs.gov/formspubs/article/0,,id=164272,00.html

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