- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I only make about $41,000 per year. I don't know why I'm paying so much in taxes.
I paid over $1000 in state and federal taxes combined. Is this unreasonable for my income level?
Topics:
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I only make about $41,000 per year. I don't know why I'm paying so much in taxes.
This is in line with the tax rates for 2016. Assuming that you are single, your gross income of $41,000 would result in a taxable income of $30,650 if you took an exemption for yourself ($4050) and the standard deduction ($6300).
That means you'd be in the 15% tax bracket. Your tax would be computed as $927.50 plus 15% of the amount over $9,275.
Of course, you may have other details that aren't considered here.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Still have questions?
Make a post
Or browse the Forums