Yearly Income Tax
government isn't free!!!
|Compare your yearly income to the
chart to the right. Find your "Percent of Income Taxed"
People who earn more money pay more in taxes. Did you know that?
You must also pay for
Social Security and Medicare which are two government programs that help
you out when you retire. Everyone must pay for these services. Once you have found
the percent of your income you pay in taxes a year, Add 5% to your
percentage to pay for Social Security and Medicare.
Use your yearly income and your Percent to find how
much you will pay in taxes per year.
If you made $45,000 your would have to find 15% + 5% of 45,000 or 20% of 45,000
The easiest way to do this is to change the % into a decimal and multiply.
Example: 20% = 0.20
0.20 x 45000 = 9000 (this is how much you pay in taxes each year.
Record your % of tax and Estimated income tax in box 2a.