Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I’m a single woman and I pay 25% taxes on my income. I would…

Customer Question
I’m a single woman...

I’m a single woman and I pay 25% taxes on my income. I would like to lower my income tax bracket. How do I do that legally?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have been thinking of either working less or putting money into an IRA. Will putting money into an IRA help to lower my tax bracket?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I have no dependence

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
3/14/2018
Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 1 month ago
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 199
Experience: Partner at Michels & Hanley CPAs, LLP
Verified

Hello. My name is ***** ***** I'll be the Expert assisting you today. I am a licensed CPA. I look forward to helping you with your issue today. You may be in a lower tax bracket under the tax law. Other than that you can contribute to an IRA or participate in a company 401k plan. Does your employer offer a plan such as this?

Ask Your Own Tax Question
Customer reply replied 1 month ago
I have a plan through company. Im not sure what type right now. I do know that my income is $60,000 but my take home is about $31,000
Customer reply replied 1 month ago
I don’t have my information with me at this time
Customer reply replied 1 month ago
I can’t call right now
Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 1 month ago

Your total gross income is $60,000 but they will take out 6.2% for Social Security taxes and 1.45% for Medicare taxes. Additionally, they are required to withhold Federal and State withholding. If your company offers a 401k plan with a company match it will be beneficial to try and contribute the maximum in which the company matches. Essentially what this does is provide for a tax deduction for you (the 401k contributions are not included in taxable wages) and your employer will contribute a company match. Let me know if you have any questions.

Ask Your Own Tax Question
Was this answer helpful?
Ask Brian Michels Your Own Question
Brian Michels
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 199
199 Satisfied Customers
Experience: Partner at Michels & Hanley CPAs, LLP

Brian Michels is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Employee has 1 dependent his gross income is $220.00 how
employee has 1 dependent his gross income is $220.00 how much fed taxes ss taxes, medicare, and state taxes comes out please break it down by dollars and cents please give me the net pay thanks … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Can i deduct medicare and secondary insurance premiums as a
can i deduct medicare and secondary insurance premiums as a medical expense on my az 140 schedule A form? … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
828 satisfied customers
In 2017 I tithe $8,000 (or 10%) of all of my gross income.
In 2017 I tithe $8,000 (or 10%) of all of my gross income. Also, in 2017 I purchased a home. With that said, my tax refund was only $4,000. Is tithing money refunded 100%? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Using the 7.5% of gross income for out of pocket medical
using the 7.5% of gross income for out of pocket medical expenses, can I use any part of my assisted living rent? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
As an employer, do I need to withhold PA State Withholding
As an employer, do I need to withhold PA State Withholding and DE State Withholding for PA Residents working in DE … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Paid taxes on gross income claimed 2dependens 2017 did a
Paid taxes on gross income claimed 2dependens 2017 did a refi mortgage … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I have Adjusted Gross Income of 4332., I had kind of a lean
I have Adjusted Gross Income of 4332. , I had kind of a lean year with me using some savings, I do not have a record of how much. It takes about 10,000 to help me through a year like this I do not kno… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Are social security tax and medicare tax withheld taken as
Are social security tax and medicare tax withheld taken as Payments in form 1040 ? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My adjusted gross income is $13,539. $8560 from a pension
My adjusted gross income is $13,539. $8560 from a pension from my ex-husband, $14204 from SS and $4706 from a bank I retired from which I will no longer be receiving. Do I need to pay taxes on my Soc … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Do employer and employee federal, SS, Medicare taxes
Do employer and employee federal, SS, Medicare taxes reported on Form 941 and paid together in a lump sum?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
The new federal tax law doubles the amount of money that's
The new federal tax law doubles the amount of money that's automatically exempt from the federal estate tax -- to roughly $11 million of an estate for someone who was unmarried. The provision remains … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Since my withholding changed with the new tax law should I
Since my withholding changed with the new tax law should I continue to pay that amount to prevent a large tax bill next Ap 2018? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I entered the federal tax withholding as my state tax
I entered the federal tax withholding as my state tax withholding. I discovered my error after I received my refund check. I actually owe $178. How do I send back the refund money? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
We did not receive my mother in laws social security tax
we did not receive my mother in laws social security tax form How do we obtain a copy for our accountant? Her social security is ***********A: What state are you in? It matters because laws vary by lo… read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,820 satisfied customers
I NEED MY 2016 ADJUSTED GROSS INCOME. I NEED GROSS INCOME TO
I NEED MY 2016 ADJUSTED GROSS INCOME JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: I NEED GROSS INCOME TO FILE 2017 TAXS JA: Is there anything else … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Under the new tax plan if my federal adjusted gross income
Under the new tax plan if my federal adjusted gross income is $77,230.00 how much are my federal taxes? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
A law firm (which is a Schedule C filer) has gross income of
A law firm (which is a Schedule C filer) has gross income of 1,000,000 & Net Income 0f 280,000. In the tax reform just passed, there is a 20% deduction for law firms that have income less than 315,000… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
If my gross income is 30000, not married and no dependents,
If my gross income is 30000, not married and no dependents, can you tell me approximately how much I would expect to pay in federal tax, state tax and SS? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x