The tax rate varies depending on your location and specific financial situation. However, a general estimate is around 20% to 35% of your income.
For the purpose of this example, let's calculate a 25% tax rate:
Income | Tax Rate | Calculated Tax |
---|---|---|
$30,000 | 25% | $7,500 |
Therefore, with a 25% tax rate, you would need to pay $7,500 in taxes on an income of $30,000.