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Can anyone help me with income tax query?
Okay. My income for the year was $50,000. How much tax do I owe?
Based on your income and tax bracket, your income tax liability is around $7,652.50, and your self-employment tax is around $7,650. So, your total tax liability is around $15,302.50. Keep in mind that these are rough estimates and you should use a tax calculator to get a more accurate figure. Is there anything else you'd like to know about income tax?