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How much federal taxes do you pay on $5,000.00?

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How much federal taxes do...
How much federal taxes do you pay on $5,000.00?
Submitted: 9 years ago.Category: Tax
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Answered in 42 minutes by:
11/28/2007
Tax Professional: Bill, Enrolled Agent replied 9 years ago
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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It would depend upon your tax bracket which would be based on your other income for the tax year, your filing status, exemptions, deductions, and credits. The tax brackets are 10%, 15%, 25%, 28%, 33%, and 35%. If the income is from a salary then FICA taxes of 7.65% may also apply depending on how high your total salary income is.
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Bill
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Category: Tax
Satisfied Customers: 3,153
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Experience: EA, CEBS - 35 years experience providing financial advice

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