My salary is $76,000 and I would like to know how much taxes should I pay. I am married with 1 dependent but I put my status as single with 2 dependents. I need to know how I can get more cash now and be aware of how much I will have to pay later on.

ANSWER

The BIDaWIZ Team's Answer:

Your 2010 standard deduction amount is $11,400. If you own a home, and itemize your deductions,

then this deduction amount will be higher. Your 2010 exemption deduction equals $10,950 [i.e. 3 * $3,650].

Thus, if you have no other deductions, or tax credits, your estimated taxable income equals $53,650. If you contribute

to a retirement plan, your taxable income will be reduced, by the amount contributed. Your taxable income falls within

the first two tax brackets; i. e. 10% & 15%. Thus, your estimated tax liabaility is $7,210 [10% * $16,750] + [15% * $36,900].