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5 Answers

If I make 150k-160k per year how much do I have to pay in taxes?

Asked by: epondel 2279 views YA Discussion

I will be filling single with one dependent my son. Also what is the difference between itemizing and standard deduction? And I live in California

5 Answers

  1. Rob on Jun 11, 2012 Reply

    u can figure 25-30% goes to taxes.

    with u and son – itemized will not
    b worth it.
    standard is what will b norm.

    visit library for books on doing
    ur taxes.
    check IRS.gov fo other info.

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  2. Judy on Jun 11, 2012 Reply

    Do you have any credits? Student loan interest? Own your own home? Is the income on a W-2?

    Without knowing a lot more about you and your finances, really hard to say what you’d owe.

    You get something called a standard deduction automatically. This means that $ 5950 of your income (2012 number) isn’t taxed. There are certain expenses that can be deducted. If yours add up to more than the 5950, you can deduct that total instead – that’s called itemizing. If you don’t own a home, odds are that you don’t have enough deductions to itemize and are better off with the standard.

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  3. Max on Jun 11, 2012 Reply

    if you have a dependent, then your filing status will be head of house hold (if he lives with you), if your dependent lives else where then your status will be single.

    Your filing status will also make a difference in the amount of tax liability that you will owe.

    Itemizing deductions is where you are able to list your deductions some at a percentage. In order for it to be beneficial you must have more in deductions than the standard the IRS is already giving you 5950 (single), if you do in fact have enough to itemize, then it certainly safe to say that that would be the option to go.

    I’ll include state just in case you want to know that also, while employers generally take state and local some do not take enough, so it would be advisable for you to review what your paying what you might actually owe in state and local as well. If your income range is $ 1,000,001 and over, your tax rate on every dollar of income earned is 10.3% (for california)

    Assuming you have no credits, no deductions to take, then the estimated tax on 160 k would be $ 34,467.

    If you can itemize, then you must save all your receipts, do not wait till the end of the year to try to gather them up, its to much of a pain, and some times one is not able to go back and get copies of them.

    You would benefit from doing a yearly tax estimate, that would give you a better idea at what your looking at from year to year. You should also check your w4 to ensure that you have it filled out correctly so that enough taxes are coming out, asap.

    If you must redo your w4 then you need to ask yourself, do you want a big tax check? Or do you want your money through out the year? The answer to these questions will help you determine the amount of tax that you need to have withheld from you checks.

    Go with God.

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  4. Bobbie on Jun 11, 2012 Reply

    Use the search box at the http://www.irs.gov website for Topic 501 – Should I Itemize?


    Generally, you must decide whether to itemize deductions or to use the standard deduction. The standard deduction is a dollar amount that reduces the amount of income on which you are taxed. You should itemize deductions if your allowable itemized deductions are greater than your standard deduction.
    For more information on the difference between itemized deductions and the standard deduction, refer to the Form 1040 Instructions, or Publication 17, Your Federal Income Tax. You may also refer to Topic 551 and Publication 501.

    2011 Instructions for Schedule A (Form 1040) (2011)


    2011 Form 1040 (Schedule A) PDF Itemized Deductions


    Here you go you can try and do your own estimated tax calculations at this time in your life for this purpose since you are the only one that would know all of the needed necessary information at this time.
    http://www.irs.gov website and use the search box for 2012 Form 1040-ES (OTC)
    Estimated Tax for Individuals


    Copy and paste the below enclosed website address into your browser address bar for this purpose.


    Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2012. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2013.
    In 2011, Federal income tax rates were scheduled to increase to pre-2001 levels, but the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010″ left the existing tax brackets in place through 2012.
    You probably can find an estimated tax calculator for your state income taxes by going to your state income tax department website and use the search box for estimated tax calculator at that time in your life.
    Hope that you find the above enclosed information useful. 06/11/2012

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  5. tro on Jun 11, 2012 Reply

    as head of household your standard deduction for 2012 is $ 8750, if you can itemize using sch A any amount greater than that you will use the Sch A to reduce your taxable income
    with the income you are indicating, 35% for Federal and 9.5% for Calif.
    the standard deduction for Calif. will not reduce your taxable income to any great extent to reduce the rate of income tax

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