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View Full Version : We made about 50,00


jfrance
Jan 22, 2010, 12:58 PM
We made 50,000 this year and only paid in 1,200 we have two children about how much do you think well have to pay the IRS

AtlantaTaxExpert
Jan 25, 2010, 02:52 PM
When you say WE, I assume husband and wife.

Four exemptions @ $3,650 per exemption = $14,600.

Joint standard deduction = $11,400.

SO the first $26K of you 50K income is tax exempt.

MFJ tax on $24K is $2,769.

Assuming the children each qualify for the $1,000 Child Tax Credit and that you both qualify for the $800 Making Work Pay Credit, these credits by themselves cover the $2,769 tax.

Your refund will be $1,231.