my gross income is $19399, how do i figure out income tax befoe credits

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   culverwalkerposted 13 years ago

   my gross income is $19399, how do i figure out income tax befoe credits

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2. 81

   AFTiggerIntelposted 13 years ago

   Assuming that $19399 is your Adjusted Gross Income (AGI) then you will fall into the 19,350-19,400 bracket which has a tax amount of 2,489 if single, 2,071 if married and filing joint, 2,489 if you are married and filing separately, and 2,309 if you are head of household.
   
   There is a ton more information to take into account such as credits, allowed deductions, and even the status you file under which depends on your situation as to which could be a better option for you. If you are trying to guesstimate your taxes, you might do better to run your income numbers into a IRS Form 1040 or 1040EZ if you know you will not be itemize deducting anything beyond the standard deduction.
   
   It boils down to that if you know your AGI, then you can see how much taxes you will owe based upon their chart. The chart is located in the IRS Form 1040 instruction booklet starting on page 77. For your convenience it is located:
   http://www.irs.gov/pub/irs-pdf/i1040.pdf.

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   Flightkeeperposted 13 years ago

   AF TiggerIntel is right and if you are trying to send your quarterly payments, send $600 each quarter for taxes.

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   Mark C Middletonposted 13 years ago

   First you determine your Gross Income - from that, there are several possible deductions to arrive at Adjusted Gross Income - from that you must subtract either your Standard Deduction or Itmeized Deductions and also subtract your personal exemptions to arrive at Taxable Income.
   
   So, you cannot determine the amount of tax on a Gross Income of $19,399 any more than you can determine the amount of tax on Gross Income of $100,000 or any other amount of Gross Income.
   
   It is the amount of Taxable Income that determines the amount of tax liability and then you may qualify for various tax credits to offset some or all of that liability, i.e. child credit, child care credit, savings credit, energy credits, earned income tax credit, and for 2010, the making work pay credit, etc.

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