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How much tax would I pay on $5,000,000

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How much tax would I pay on $5,000,000
Submitted: 2 years ago.Category: Tax
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2/12/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,387
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

If you were single , standard deduction used, your tax liability would be $1,932,290.25

That is at ordinary rate.

It really depends how you get the $5mil. Id self employed you would also need to pay SE Tax,

SS $7,347.00

Medicare Tax $115,700.00

You are required to click a positive rating if I am to be credited with the response.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

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