How much am I going to pay in income taxes in the state of California?

Question

I am going to earn $50,000 in 2008 in the state of California. With zero dependents and filing single and no deductions for assumption purposes - how much can I assume to pay over all on my taxes?

Answer 1

Here is what a typical IRS 1040-EZ would look like, with those assumptions:

INCOME

Line 1: Wages, salarys, tips, etc.  ----  $50,000

Line 2: Taxable Interest ------- $-0-

Line 3: Unemployment Compensation ----- $-0-

Line 4: Add up lines 1,2, and 3.  This is "Adjusted Gross Income"  ---  $50,000

Line 5: If no-one can claim you as a dependent, and you are single, enter $8,750 for the standard deduction.

Line 6: Subtract Line 5 from Line 4.  This is "taxable Income"  --  $41,250

PAYMENTS AND TAX.

Line 7: Tax Withheld  --  TBD

Line 8: Earned Income Credit  --  $-0-

Line 9: Add Lines 7 and 8.  This is "total payments"

Line 10: Look up the tax you owe in the table.  $6,743

Federal Income Tax for the year  --  $6,743

Social Security (6.2% of $50,000)  --  $3,100

Medicare (1.45% of $50,000)  --  $725

Total Federal Tax on $50,000 of income  --  $10,568

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California:

According to Form 540 2EZ, CA tax is $2,036

Answer 2

Go to paycheckcity;com and enter your info to get a very good estimate