- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
My tax bracket
Posted on 2/7/13 at 9:10 am
Posted on 2/7/13 at 9:10 am
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
Posted on 2/7/13 at 9:30 am to Jma313
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.
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.
Posted on 2/7/13 at 9:35 am to Newbomb Turk
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.
Posted on 2/7/13 at 9:41 am to PurpleAndGold86
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.
Posted on 2/7/13 at 9:47 am to Newbomb Turk
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
Posted on 2/7/13 at 10:16 am to Jma313
The new standard deduction for 2013 is $6,100?
Posted on 2/7/13 at 10:17 am to Jma313
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.
Popular
Back to top
Follow TigerDroppings for LSU Football News