Originally Posted by fred
Just wondering how to estimate taxes for a certain bracket. If my income was say $207,000 and I filed jointly, how much in taxes would I owe to the fed. If I fall in the 28% bracket, would I just multiply this by the net income. Or is there another way to do this. The reason I ask this is because when I enter this information into an IRS calculator, I get something different. It says I owe $45426. Is this correct? Please help.
Nobody can accurately tell you the accurate amount of yur tax liability UNLESS you give more tax related personal info in detail for accuracy; as you can see, in order to calculateyouir income tax liability, you need to consider a number of figures. Depending on where you live and to what entity you ARE required to pay taxes, you will usually need to add your income and then subtract any allowed variety of deductions and credits or etc. This will leave a figure that represents the amount of money on which you must pay taxes. Finally, you may need to apply a percentage as provided by the taxing agency by multiplying your adjusted income by the tax percentage rate. The answer would be the taxpayer’s liability.