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clchase5562
New Member

We have earned 53000. in income what are the federal taxes going going to be?

 
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Vanessa
Level 3

We have earned 53000. in income what are the federal taxes going going to be?

Taxes are not that simple.  You are saying "WE", so if you are married filing jointly you will have a standard deduction of at least $12,700 and personal exemptions of $8,100.  This would bring your taxable income down to $32,200.  With that basic information, it would put you in the 15% tax bracket which means your tax liability would be $3,897.  The first $18,650 is taxed at a lower rateThis is not the same as tax due.  If you already paid in $5,000 you would then be getting a refund of $170.  If you paid in less than that you would owe money to the IRS.

This is not counting any tax credits you may be eligible for or any additional exemptions you may have for children which would change your tax liability. 

To get the best and most accurate answer, you can enter all of your information into TurboTax which will provide your answer based on all the information instead of just a small snippet. 


{Edited 3/17/18 3:28PM EST}

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1 Reply
Vanessa
Level 3

We have earned 53000. in income what are the federal taxes going going to be?

Taxes are not that simple.  You are saying "WE", so if you are married filing jointly you will have a standard deduction of at least $12,700 and personal exemptions of $8,100.  This would bring your taxable income down to $32,200.  With that basic information, it would put you in the 15% tax bracket which means your tax liability would be $3,897.  The first $18,650 is taxed at a lower rateThis is not the same as tax due.  If you already paid in $5,000 you would then be getting a refund of $170.  If you paid in less than that you would owe money to the IRS.

This is not counting any tax credits you may be eligible for or any additional exemptions you may have for children which would change your tax liability. 

To get the best and most accurate answer, you can enter all of your information into TurboTax which will provide your answer based on all the information instead of just a small snippet. 


{Edited 3/17/18 3:28PM EST}

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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