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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3050
Experience:  IRS licensed Enrolled Agent and tax instructor
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Average Tax on Annual Salary of $120000

Customer Question

What is the average tax on $120000 annual salary?

Submitted: 9 years ago.
Category: Tax
Expert:  The Guy Behind the Tree replied 9 years ago.

The answer depends to a large degree on the number of exemptions, filing status (married or single), and especially your itemized deductions.

But roughly speaking, $120K puts a person in the 33% tax bracket. That means anything more that you earn will be taxed at 33%. But much of your earnings are taxed at lower rates, so your effective tax rate will be lower.

You can use this handy calculator to come up with your own estimate:

With no deductions, your taxes will be about $27,000, for an effective tax rate of about 22.5%.

Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. US tax code is not as simple, it all depends on you filing status, number of dependents and your pretax deductions (retirement, medical insurance). Assuming single, no dependents, taking standard deduction with no contribution to 401k, no medical insurance, your tax would be about 25K and you would be in 28% tax bracket.