Advertisement
Jexal

f17a00e4-c700-4c88-bc17-900c225f4be4

Oct 4th, 2024
13
0
Never
Not a member of Pastebin yet? Sign Up, it unlocks many cool features!
text 1.06 KB | None | 0 0
  1. To estimate how much you need to earn to pay $50,000 in federal income taxes in the U.S., we can use the 2024 tax brackets. Here are the brackets for single filers:
  2.  
  3. - 10% on income up to $11,600
  4. - 12% on income from $11,600 to $47,150
  5. - 22% on income from $47,150 to $100,525
  6. - 24% on income from $100,525 to $191,950
  7. - 32% on income from $191,950 to $243,725
  8. - 35% on income from $243,725 to $609,350
  9. - 37% on income over $609,350
  10.  
  11. To pay $50,000 in taxes, your income would likely fall into the higher brackets. Here's a rough calculation:
  12.  
  13. 1. First $11,600: 10% of $11,600 = $1,160
  14. 2. Next $35,550 ($47,150 - $11,600): 12% of $35,550 = $4,266
  15. 3. Next $53,375 ($100,525 - $47,150): 22% of $53,375 = $11,742.50
  16. 4. Next $91,425 ($191,950 - $100,525): 24% of $91,425 = $21,942
  17. 5. Next $51,775 ($243,725 - $191,950): 32% of $51,775 = $16,568
  18.  
  19. Adding these up, you get approximately $55,678.50 in taxes, which means you would need to earn around $243,725 to pay $50,000 in federal income taxes, considering deductions and other factors might slightly adjust this amount.
Advertisement
Add Comment
Please, Sign In to add comment
Advertisement