Does anyone know a good online tax calculator for calculating the amount of tax I should be paying? I’ve misplaced all of my old pay slips, and wanted to project my tax refund for next year. I think I have it fairly well figured out, but any help would be appreciated. My gross wage is 41,000 if that helps.
Answer by 123456789
Your filing status (i.e. single, married filing jointly, head of household)?
Regardless, here is the 2007 FEDERAL tax rate schedule: http://www.irs.gov/formspubs/article/0,,id=164272,00.html
GA: http://www.etax.dor.ga.gov/taxguide/TSD_Tax_Guide_for_Georgia_Citizens_2007.pdf (starts on page 7)
Answer by MukatA
For a Single person on income of $ 41,000 the federal tax is $ 4486.
For single the deduction is $ 8,750. So the taxable income is $ 32,250.
Rate of federal income tax on your taxable income
Schedule X — Single
is over– But not over–The tax is:
$ 0 — $ 7,825 — 10% of the amount over $ 0
$ 7,825 — $ 31,850– $ 782.50 plus 15% of the amount over 7,825
$ 31,850– $ 77,100 –$ 4,386.25 plus 25% of the amount over 31,850