Re: Never paid taxes before... how much should I expect to pay?
[ QUOTE ]
Out of curiosity, where'd you get $10.5K from? I asked someone (not someone particularly knowledgeable, but nonetheless someone who pays their taxes), and they said that I should be looking at paying about a third of my income.
[/ QUOTE ]
I got that number by looking up the current federal income tax rates and exemptions and applying them to an income of $60K. This information is easily accessible on the web.
As someone else noted, you will also probably have to pay state income tax, which varies widely by state (although this will be substantially less than your federal tax, and a few states have no income tax). If you file as a pro, you will also need to pay payroll tax, which most people have to pay on all of their wages.
The person who cited the 1/3 figure was probably thinking of either the total of all these taxes combined, or the marginal tax rate on your highest level of income. But the federal income tax only hits 1/3 on taxable income over $160,000 per year.
|