How much can I expect to be taxed on $42,000/year if I claim a certain amount of deductions? I know it's difficult to answer accurately but if I were to claim 3 could I expect a rough tax of..say..17% from my gross? What about at $51,000?
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It depends on which state you live, your status(married, single, children,etc.) For example, in California a person who is single pays about 25% federal tax and about 8% state tax, based on that you can deduct your expenses. Check with the IRS office in your state, hope it helps -
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