Question

I only make about $41,000 per year. I don't know why I'm paying so much in taxes.

Forum|Forum|7 years ago
June 6, 2019
1 reply
0 views

I paid over $1000 in state and federal taxes combined. Is this unreasonable for my income level?

TurboTax Deluxe Online

Employee

This is in line with the tax rates for 2016. Assuming that you are single, your gross income of $41,000 would result in a taxable income of $30,650 if you took an exemption for yourself ($4050) and the standard deduction ($6300).

That means you'd be in the 15% tax bracket. Your tax would be computed as $927.50 plus 15% of the amount over $9,275.

Of course, you may have other details that aren't considered here.

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I only make about $41,000 per year. I don't know why I'm paying so much in taxes.

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