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HOW MUCH WOULD I HAVE TO PAY IN TAXES ON 450,000.00 TO IRS

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AND NC IF I LIVE...
HOW MUCH WOULD I HAVE TO PAY IN TAXES ON 450,000.00 TO IRS AND NC IF I LIVE IN BRUNSWICK COUNTY NC
Submitted: 7 years ago.Category: Tax
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11/10/2010
Tax Professional: JKCPA, CPA replied 7 years ago
JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5,884
Experience: CPA with tax experience.
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Hello,

Thanks for your question.

Assuming you flie single, have no dependents, claim one exemption for yourself, this is ordinary income, do not itemize, have no other credits or taxes, are not self-employed, the estimated tax based on 2009 tax rates would be:
Federal: $132,337
NC state: $34,981

Hope this helps,

Edited by JK_CPA on 11/10/2010 at 10:08 PM EST
JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5,884
Experience: CPA with tax experience.
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Customer reply replied 7 years ago
need to know how much in taxes will i have to pay to irs nc on 23,310.00 if i live in brunswick county nc
Tax Professional: JKCPA, CPA replied 7 years ago
Is this in addition to the $450,000 or do you mean just on $23,310 total gross income?
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Customer reply replied 7 years ago
TAXES ON 23,310.00 GROSS IRS AND NC STATE TAXES
Tax Professional: JKCPA, CPA replied 7 years ago
With the same assumptions, the federal tax on $23,310 ordinary income would be about $1679 (or $1279 if this is earned income due to the making work pay credit) and the NC state tax would be about $1120.
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