Sorry to bother those who are helping me but I simply just do not understand and really need help.
A single person could expect to pay $5220 in income taxes with an adjusted income gross of $29,000. If my adjusted gross increases to $2,000 but does not place me in a higher tax bracket how much can I expect to pay.
Sorry to bother those who are helping me but I simply just do not understand and really need help.
A single person could expect to pay $5220 in income taxes with an adjusted income gross of $29,000. If my adjusted gross increases to $2,000 but does not place me in a higher tax bracket how much can I expect to pay
my goodness!
I answered this same question for you earlier.
All you have to do here is change the numbers.
http://www.jiskha.com/display.cgi?id=1395018684
It is much easier for you but, I had a stroke and am trying to understand everything and its hard. Thanks anyway for your help sorry to be a bother.
To calculate the new income taxes based on an increased adjusted gross income (AGI), you need to know the tax rate applicable to your specific income bracket. Here's how you can do it:
1. Determine your tax bracket: Tax brackets determine the percentage of your income that you owe in taxes. You mentioned that your increased AGI does not place you in a higher tax bracket. In that case, you can assume that your tax bracket remains the same.
2. Find the tax rate: Look up the tax rate associated with your tax bracket. Each tax bracket has a different percentage rate. For example, if your tax bracket has a rate of 15%, it means that 15% of your income will be paid as taxes.
3. Calculate the new taxes: Multiply your increased AGI by the tax rate to calculate the amount you can expect to pay in income taxes. In this case, if your increased AGI is $32,000 and the tax rate is 15%, you can expect to pay $4,800 in income taxes.
Remember, tax brackets can change over time, so it's essential to consult the current tax laws and rates applicable to your specific situation. Additionally, there may be other factors, such as deductions or credits, that can affect the final amount of taxes you owe.