How much tax should I be paying?
Supposing someone makes $100K a year and has about $25K in qualifying deductions (mortage interest and real estate taxes), how much total federal taxes should be taken out per year? Married individual with one child, spouse doesn't work. Thanks!
Public Comments
- It really depends on how you present your tax return.
- without checking my tax charts i'd put aside 25% i made just over 6 figs, but wrote down most of it. before i took milage i was at about 20% doing quarterlies helps.
- Does your state have an income tax? That also qualifies as a deduction. Do you take a medical or a child care pre-tax allocation? That can also reduce your AGI another $10k. Do you have interest income, dividends - sell or buy stock? Did you contribute to an IRA? If NONE OF THE ABOVE - just $100k - $25k, then tax bill is about $9500 - divide by # of paychecks.
