If you are single and a wage earner with an annual salary of $30,000, your federal income tax liability will be approximately $2,500. Social security and medicare tax will be approximately $2,300.
If you make $30,000 a year living in the region of California, USA, you will be taxed $4,985. That means that your net pay will be $25,015 per year, or $2,085 per month. Your average tax rate is 16.6% and your marginal tax rate is 25.2%.
If you make $32,000 a year living in the region of California, USA, you will be taxed $5,488. That means that your net pay will be $26,512 per year, or $2,209 per month. Your average tax rate is 17.2% and your marginal tax rate is 25.2%.
Just because you made less than $25,000 doesn't mean you are exempt from filing taxes. Depending on your filing status, dependent status and other factors, filing a return with the IRS could be required. On the flip side (and a more positive note), you could also be eligible for a refund of any taxes you paid.
If you make $35,000 a year living in the region of California, USA, you will be taxed $6,243. That means that your net pay will be $28,757 per year, or $2,396 per month. Your average tax rate is 17.8% and your marginal tax rate is 25.3%.
Your refund is determined by comparing your total income tax to the amount that was withheld for federal income tax. Assuming that the amount withheld for federal income tax was greater than your income tax for the year, you will receive a refund for the difference.
If you make $36,000 a year living in the region of California, USA, you will be taxed $6,496. That means that your net pay will be $29,504 per year, or $2,459 per month. Your average tax rate is 18.0% and your marginal tax rate is 25.3%.
If you make $25,000 a year living in the region of California, USA, you will be taxed $3,770. That means that your net pay will be $21,230 per year, or $1,769 per month. Your average tax rate is 15.1% and your marginal tax rate is 24.3%.
If you make $20,000 a year living in the region of California, USA, you will be taxed $2,687. That means that your net pay will be $17,313 per year, or $1,443 per month. Your average tax rate is 13.4% and your marginal tax rate is 21.7%.
In this case, gross income of $50,000 will be reduced by a standard deduction of $6,350 and a single personal exemption of $4,050. That makes taxable income equal to $39,600. That's just barely enough to push the taxpayer into the 25% tax bracket, and the tax will be $5,638.50.
If you owe money, it is due to not having enough withheld during the year to cover your tax liability. You can revisit your W-4 with your payroll department to adjust your withholding accordingly.
What is the average tax refund for a single person making $40,000? We estimated a single person making $40,000 per year would receive an average refund of $1,761 this year.
Depending on what amount of income and which credits you specify on the W-4, the more or less tax will be withheld. Having less taken out will give you bigger paychecks, but a smaller tax refund (or potentially no tax refund or a tax bill at the end of the year).
If you make $28,000 a year living in the region of California, USA, you will be taxed $4,499. That means that your net pay will be $23,501 per year, or $1,958 per month. Your average tax rate is 16.1% and your marginal tax rate is 24.3%.
If you make $24,000 a year living in the region of California, USA, you will be taxed $3,553. That means that your net pay will be $20,447 per year, or $1,704 per month. Your average tax rate is 14.8% and your marginal tax rate is 21.7%.
If you are single and a wage earner with an annual salary of $40,000, your federal income tax liability will be approximately $4,000. Social security and medicare tax will be approximately $3,000.
For the 2021 filing season, which covered returns filed for the 2020 calendar year, the average federal tax refund for individuals was $2,184.
The average federal income tax refund as of April 8 is $3,226, up from an average of $2,893 at the same point in 2021, according to the Staten Island Live website, which cited IRS data. Over 63 million refunds were distributed by the same date, a slight gain from the previous year.
A larger refund, however, is more problematic. When you get a giant sum back from the IRS, it means you really overpaid your taxes the previous year. If your most recent refund was large -- say, $2,000 or more -- then you may want to make one key change for the rest of 2022.
New for 2021
Married couples filing jointly: $25,100. Singles and married couples filing separately: $12,550. Heads of households: $18,800.
If you make $37,000 a year living in the region of California, USA, you will be taxed $6,748. That means that your net pay will be $30,252 per year, or $2,521 per month. Your average tax rate is 18.2% and your marginal tax rate is 25.3%.
If you earn less than $10,000 per year, you don't have to file a tax return. However, you won't receive an Earned-Income Tax Credit refund unless you do file.
If you make $34,000 a year living in the region of California, USA, you will be taxed $6,113. That means that your net pay will be $27,887 per year, or $2,324 per month. Your average tax rate is 18.0% and your marginal tax rate is 25.3%.
If you make $15,000 a year living in the region of California, USA, you will be taxed $1,518. That means that your net pay will be $13,483 per year, or $1,124 per month. Your average tax rate is 10.1% and your marginal tax rate is 33.1%.