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0 pointsalright25651y ago0 comments

Pretty easy, assuming 2 kids filing jointly. Standard deduction is $29,200, so effectively only $30k of taxable income. Of that, 23k is taxed at 10%, 7k @ 12%, or $3.14k/10.5% effective.

Then $1.6k/kid gets subtracted due to the Child Tax Credit, for a net -$700 in taxes paid.

Keep in mind the cost of living in the USA is higher than many other countries. 60k for a family of four is doable in most places, but it is not a life of luxury.

edit: the family will also end up paying 7.65%/$4.6k in a separate tax for a mandatory retirement scheme (FICA)

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valicord1y ago

-$70, not -$700, assuming the rest of your numbers are correct

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0 pointsalright25651y ago0 comments

Pretty easy, assuming 2 kids filing jointly. Standard deduction is $29,200, so effectively only $30k of taxable income. Of that, 23k is taxed at 10%, 7k @ 12%, or $3.14k/10.5% effective.

Then $1.6k/kid gets subtracted due to the Child Tax Credit, for a net -$700 in taxes paid.

Keep in mind the cost of living in the USA is higher than many other countries. 60k for a family of four is doable in most places, but it is not a life of luxury.

edit: the family will also end up paying 7.65%/$4.6k in a separate tax for a mandatory retirement scheme (FICA)