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  • Taxes QoD - If You Make $40,000, How Much Will You Pay in Federal Income Taxes

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    Jofred Collazo Carrillo
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    - The document answers the question of how much federal income tax someone making $40,000 would pay - It calculates that after the standard deduction of $12,950, their taxable income would be $27,050 - 10% of the first $10,275 of taxable income equals $1,027.50 in tax - 12% of the remaining $16,775 is $2,013 in tax - So the total federal income tax owed for earning $40,000 is $3,040.50

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    Taxes QoD_ If you make $40,000, how much will you pay in federal income taxes_

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    - The document answers the question of how much federal income tax someone making $40,000 would pay - It calculates that after the standard deduction of $12,950, their taxable income would be $27,050 - 10% of the first $10,275 of taxable income equals $1,027.50 in tax - 12% of the remaining $16,775 is $2,013 in tax - So the total federal income tax owed for earning $40,000 is $3,040.50

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    19 views3 pages

    Taxes QoD - If You Make $40,000, How Much Will You Pay in Federal Income Taxes

    Uploaded by

    Jofred Collazo Carrillo
    - The document answers the question of how much federal income tax someone making $40,000 would pay - It calculates that after the standard deduction of $12,950, their taxable income would be $27,050 - 10% of the first $10,275 of taxable income equals $1,027.50 in tax - 12% of the remaining $16,775 is $2,013 in tax - So the total federal income tax owed for earning $40,000 is $3,040.50

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    © All Rights Reserved
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    of 3

    QUESTION OF THE DAY

    Taxes

    Q: If you earn $40,000, how


    much will you pay in federal
    income taxes?

    View blog post

    ngpf.org 1/31/23
    QUESTION OF THE DAY
    Taxes

    A: $3,040.50
    Total taxable income: $40,000 - $12,950 (standard
    deduction) = $27,050

    10% of the first $10,275 = $1,027.50


    12% of the remaining $16,775 = $2,013
    $1,027.50 + $2,013 = $3,040.50
    Source: Nerd Wallet
    FOLLOW-UP QUESTIONS

    1. What was your reaction to the amount of federal income tax a


    person would pay for earning $40,000?

    2. Besides federal incomes taxes, what are some other things a


    person making $40,000 would have to account for before
    determining their net pay?

    3. Your friend says that regardless of whether you make $40,000


    or $40 million, all income should be taxed at a rate of 15%. Do
    you agree or disagree? Explain why.

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