I am a welder in the state of Wyoming. I currently earn around $200,000 a year with around $30,000 in equipment and supplies deduction. If my wages increase this year by another $100,000, how much would my taxes roughly increase?

ANSWER

The BIDaWIZ Team's Answer:

As you may know, Wyoming doesn't levy a corporate or personal tax. However, the additional $100,000 in income will be taxable at the federal level. We would need to know more from you as to the type of entity involved (i.e. C Corp, Partnership, S Corp, Sole Proprietorship) as well as your marital filing status, but the majority of the additional tax would be taxed at around 33% if you file as married filing jointly and entirely 33% if filing as single. Thus, you can assume to pay roughly $33,000 on this income. Tax deductions and credits will of course offset this tax. We would need to know more from you to provide a more precise estimate.