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How much federal taxes would I have to pay on a 60k income with one dependant, nevermind other deductions? |
How much federal taxes would I have to pay on a 60k income with one dependant, nevermind other deductions? Assuming that having 1 dependent allows you to file head of household and you take the standard deduction, you would have a total of 7,550 + 2 x 3,300 = 14,150 in deductions, or taxable income of 45,850. Using the head of household schedule (or table) means that tax payable would be $6,820. Not really enough info there to give you a good answer, but I'Il make some assumptions and try. If your filing status is head of household, and you take the standard deduction, your taxable income would probably be $45,850 ($60K - 2 exemptions, your own plus your dependent, and minus $7550 std deduction). Tax on that would be $6826. If the dependent is your child under age 17 as of 12/31/06, subtract $1000 from that for child tax credit. If you're eligible for the telephone excise tax refund, and you probably are, subtract $40. A number of variables could change that answer, possibly by a lot, and you don't give enough info to give a complete answer. |
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