Question:

How much in federal taxes should i pay on 40,000 dollars?

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How much in federal taxes should i pay on 40,000 dollars?

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  1. If you are Single and don't have a dependent, then on the income of $40,000, your taxes for 2007 return are

    Social security  $2480

    Medicare $580

    Federal Income Tax 4296.25

    Then you have state income tax and other state taxes like disability insurance.

    For articles on your U.S. tax return, http://taxipay.blogspot.com/2008/04/list...


  2. If you are single, take the standard deduction, and have no dependents or credits, your federal income tax for 2007 on $40K would have been $4300.  You'd have also paid $3060 for social security and medicare.

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