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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15733
Experience:  15years with H & R Block. Divisional leader, Instructor
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How much tax would I pay on $5,000,000

Customer Question

How much tax would I pay on $5,000,000
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


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

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Expert:  Robin D. replied 1 year ago.

Please respond