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Fred L. Crutchfield, Sr.

if i made $20,000 in a year how much do i need to pay in taxes?

ZenDisaster:

you can get a better estimate by going to www.irs.gov

You would have deductions and assuming you are single, the standard deduction in 2007 is $5,300 plus a personal exemption of $3,400 with no other deductions you have a taxable income of $11,300. You taxes would be $782.50 plus 15% of the amount over $7,825

Your taxes will be around $1,110. You can use a calculator for a more accurate estimate. If you were head of household or married, disabled etc. your taxes would be less.



Key Tax Numbers200520062007
Personal exemptions$3,200$3,300$3,400
Standard deduction
married filing jointly
head of household
single or separate
10,000
7,300
5,000
10,300
7,550
5,150
10,700
7,850
5,350
Additional amount for aged or blind
married
single

1,000
1,250

1,000
1,250

1,050
1,300
Kiddie tax exemption800850850
Gift tax exclusion
individual
non-citizen spouse
11,000
117,000
12,000
120,000
12,000
125,000
Standard mileage rates
Business
Medical and moving
Charitable
Katrina deduction
Katrina reimbursementlast 4 months
48.5¢
22.0¢
14¢
34¢
48.5¢
44.5¢
18.0¢
14.0¢
32.0¢
44.5¢
48.5¢
20.0¢
14.0¢
NA
NA

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