How Much Federal Tax Do I Pay If I Make $55,000?

To determine how much federal tax you would pay on an income of $55,000, we need to consider the applicable tax brackets for the tax year. Tax brackets can change from year to year, so I’ll base this on the 2022 tax brackets for a single filer…

• The first $10,275 is taxed at 10%

  
  

• Income between $10,276 and $41,775 is taxed at 12%

  
  

• Income between $41,776 and $89,075 is taxed at 22%

  
  

Given an income of $55,000, here’s how you would calculate the federal income tax…

1. Tax on the first $10,275: $10,275 * 0.10 = $1,027.50

   
   

2. Tax on the next $31,500 ($41,775 – $10,275): $31,500 * 0.12 = $3,780

   
   

3. Tax on the remaining income ($55,000 – $41,775): $13,225 * 0.22 = $2,909.50

   
   

Total federal income tax would be the sum of these amounts…

$1,027.50 + $3,780 + $2,909.50 = $7,717

So, if you make $55,000 in 2022 as a single filer, your federal income tax liability would be approximately $7,717. This calculation doesn’t take into account any deductions, credits, or adjustments you might be eligible for, which could lower your actual tax liability.