My tax bracket | TigerDroppings.com

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Jma313
Mississippi St. Fan
Member since Aug 2010
3852 posts

My tax bracket



Hey guys so I'm here at my first week of my first real job. I'm making a whopping 31,000 a year to start. How do I figure out which tax bracket I fall into? TIA






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Newbomb Turk
Navy Fan
perfectanschlagen
Member since May 2008
9961 posts

re: My tax bracket


Assuming you're single, You'll pay $892 plus 15% of your taxable income over $8920.

Keep in mind, you'll get a standard deduction of $6,100 (assuming you're not itemizing) and a personal exemption of $3,900. So, of the $31,000 you make, only $21,000 will be taxed.

Doing the math, you'll pay the $892 plus $1,812 (.15 x 12,080), for a total of $2,704.

You'll also pay about $2,371 in SS/Medicare taxes.






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PurpleAndGold86
LSU Fan
Houston, TX
Member since Jun 2012
10676 posts

re: My tax bracket


quote:

So, of the $31,000 you make, only $21,000 will be taxed.


You aren't factoring any 401K contributions, insurance, or any other pre-tax deductions he might have.






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Newbomb Turk
Navy Fan
perfectanschlagen
Member since May 2008
9961 posts

re: My tax bracket


quote:

You aren't factoring any 401K contributions, insurance, or any other pre-tax deductions he might have.


True. It's just an estimate. However, at that salary, it's doubtful he'll have any of that unless he's living with his parents and they are paying for EVERYTHING.

It does answer his main question -- he'll be in the 15% bracket.






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Jma313
Mississippi St. Fan
Member since Aug 2010
3852 posts

re: My tax bracket


Living with the rents for a year saving half the money I earn and paying off college loans with the other half. I'll start with 401k in a year or two when the loans are paid off





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lynxcat
Rutgers Fan
Member since Jan 2008
14503 posts

re: My tax bracket


The new standard deduction for 2013 is $6,100?





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PurpleAndGold86
LSU Fan
Houston, TX
Member since Jun 2012
10676 posts

re: My tax bracket


quote:

paying off college loans with the other half


Then this is deductible also. You do not need to itemize to deduct student loan interest. Student loan interest is an above the line deduction.

You should be in the 15% bracket, but you need to take out all pre-tax and above the line deductions to get your TI.






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Jma313
Mississippi St. Fan
Member since Aug 2010
3852 posts

re: My tax bracket


Thanks!





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