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-   -   We made about 50,00 (https://www.askmehelpdesk.com/showthread.php?t=437915)

  • Jan 22, 2010, 12:58 PM
    jfrance
    We made about 50,00
    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
  • Jan 25, 2010, 02:52 PM
    AtlantaTaxExpert
    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.

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