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Individual - Sample personal income tax calculation
Last reviewed - 07 February 2024Assumptions
Calendar year 2023
Resident alien husband and wife with two children (age 7, 9), both of whom qualify for the child tax credit; one spouse earns all the income, none of which is foreign-source income. A joint return is filed. AMT liability is less than regular tax liability.
Calculations based on 2023 tax tables.
Tax computation
| USD | |
| Gross income: | |
| Salary | 150,000 |
| Interest | 18,500 |
| Long-term capital gain (on assets held for more than one year) | 3,000 |
| Total gross income | 171,500 |
| Adjustments | 0 |
| Adjusted gross income (AGI) | 171,500 |
| Less: | |
| Standard deduction | (27,700) |
| Taxable income | 143,800 |
| Tax thereon: | |
| On taxable income of 140,800 (143,800 less capital gain of 3,000) at joint-return rates | 21,591 |
| On 3,000 capital gain at 15% | 450 |
| Total tax before credits | 22,041 |
| Less: | |
| Credits (child tax credit equal to 2,000 per child) | (4,000) |
| Net tax | 18,041 |
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Ken Kuykendall
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