How much federal tax will I pay on an additional $16,000 in income ?
Asked by: megan
I just cashed in an insurance policy worth $ 16,000 and want to know how much additional federal tax will I have to pay on this money.This will put me in the $ 60,000 tax bracket.
The $ 16,000 is what we paid in vs.a $ 21,000 plus payout. We will be filing married jointly and live in Missouri, with little deductions other than the standards.