What are the steps necessary to try to estimate the taxes you will owe at the end of the year if our combined income is $100,000, we have 3 children that we claim as dependents and we live in New York?

ANSWER

The BIDaWIZ Team's Answer:

Your standard deduction amount, for a married filing jointly return,

is $11,400. Thus, your adjusted gross income is around $88,600.

Your dependency exemption amount, for 5 people [2 spouses and

3 children], is around $18,250. Thus, your taxable income is around

$70,000. Thus, your estimated gross tax liability is around $9,675. If your 3 children

are all under age 17, you have child tax credits of $3,000. Thus, your

estimated tax liability is $6,675.