plc303
Jan 28, 2011, 07:25 AM
The only income I have is rental income for a cell tower I get 1300. Per month how much tax will I have to pay on this
AtlantaTaxExpert
Feb 5, 2011, 08:01 AM
That's $15,700 for the year, MINUS $3,650 for your personal exemption and $5,700 for the standard deduction, so your taxable income is $6,350.
Tax will be $635 for the federal level. There is probably a state tax as well.