Thursday, December 15, 2011

If I earn 70000 usd yearly before tax, single and live alone, how much will I have in my pockets after tax?

Please help me, an estimate would be good!|||What state do you live in? Need to know that to tell you whether you have state income tax to deal with or not. Also, do you itemize or take standard deduction? That will also affect how much after tax is left in your pockets.|||Depends on how much you pay for housing(if you want to give money to your church or a school or something so you know they are not just spending it on stupid things)|||Somewhere between 45 and 50 grand take home. It depends on what state you are in and how much/if you are adding to a retirement account. Assuming there are not any other outstanding garnishments (child support) on your earnings, that is a reasonable amount to expect to take home if you are grossing 70000.|||because of your tax bracket the federal government is going to take a nice wopping sum. Depending upon what your state tax is and if your city or municipality takes taxes from you, as well as school tax you that comes out of your pay, I'd say between 48,000 and 51,000|||all those answers are great, no more is needed|||Try this calculator (see link below). I put in your information and came up with an estimated federal tax liability of $11,736 (assuming you don't itemize deductions). In addition to that, you'll also have to pay FICA (7.65% of your gross pay which is $5,355 in your case), and state income tax (if applicable). Also, you'll proably also have some money for health insurance and perhaps a 401(k) withheld from your check, which will reduce your take home pay.|||depends on what state you are in. i was in wisonsin and made 68k one year and i want to say they took about 15k from me in taxes that year.








how much did i get back on my tax return. not 15 k. not even 1/3rd. and i have 2 kids.

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