Made a little over $71,000 how much should the government taken from my check?

IHere’s a calculator for estimating your federal taxes for 2014. Your state taxes will depend on which state you live in.

http://www.taxformcalculator.com/tax/71000.html

No way to tell. Depends on a lot of facts that we don’t have.

- how many dependents do you have?
– single or married?
– any tax-protected benefits ?

Welcome to Fluther.

Like always, “it depends”.

It depends on where you reside, for one thing, because different legal jurisdictions have different taxes you must pay, from city / town / village to county, state and of course federal taxes. And that’s for US citizens living in the USA. Different tax rules apply if you earned the money overseas, and (also “depending”) how long you lived overseas to earn the money.

It also depends on your marital status, whether or not you have a child or other dependent (even a parent, for example, for whom you provide support) and any other of the various family situations that can affect your tax.

Whether you have mortgage interest, taxes paid to other jurisdictions (again, back to the foreign earning issue, if you paid tax to another country as a consequence of earning the money there then you will probably be entitled to write off some or all of that tax against your current earnings) or other job-related expenses will also affect your tax liability.

Did you earn all of the money as “wages” or was some of it paid as tip income, rental property income, other business income, capital gains, etc.? Self-employed people have to pay additional Social Security (FICA) in addition to “regular” income tax. Capital gains are taxed at a lower rate if they’re from the sale of assets that have been held “long term” (depending on how “long term” is currently defined in the tax code). Capital gains can also be offset with capital losses, even those that have occurred in prior years and have not yet been fully offset against gains. Business income can be offset with various business expenses (much more flexible than “deductions” to the standard 1040 form).

Is any of the income tax exempt or tax-deferred? That has a bearing, obviously.

I’m going to stop now … but I’m just getting started.

The answer is that “it depends”.

Figure at least 30%