income
 






 

Question by  MaryM (25)

How long does someone that makes $80,000 a year have to work to pay off his US income taxes for the year? (addl: Like, the equivalent of the first three months of work go to the Feds and then next 9 months are take home pay.)

For example the equivalent of the first three months of work go to the Feds and then next 9 months are take home pay.

 
+4

Answer by  wpzpenguin (137)

For 2010, filing single no dependents, 80K income is in 25% tax bracket. First three months work goes to feds (20K) and 60K would remain. If you want to account for Social Security and Medicare (7. 7%), month four goes to that ($6160) and last eight months are take home pay.

 
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