The amount of carbon stored in trees depends on a number of things including tree species, growth conditions in the environment, age of tree and density of surrounding trees.
Here is a formula that foresters often use in their craft.
CO2 sequestered per tree (kg) = Tree mass (kg of fresh biomass) x 65% (dry mass) x 50% (carbon %) x 3.67 x 120%
Where : Tree mass (kg) = Volume of the tree (m3 ) x density of wood (kg/m3 )
35% of the green mass of a tree is water so 65% is solid dry mass; 50% of the dry mass of a tree is carbon; 20% of tree biomass is below ground level in roots so a multiplication factor of 120% is used; and to determine the equivalent amount of carbon dioxide, the carbon figure is multiplied by a factor of 3.67.
Example: For a 12 year old spotted gum tree weighing 600kg green, then the amount of CO2 sequestered by the entire tree = 600kg x 65% x 50% x 3.67 x 120% = 859 kg CO2 or 72 kg CO2 /yr
A good approximation of the chemical composition of wood, regardless of the species, is: 50% carbon, 44% oxygen and 6% hydrogen. Therefore, to make an example, 1 kg of wood (at the oven-dry state) stores approx. 0.5 kg of carbon.
As for the comment of Suresh, the density of wood varies with the species and counts to calculate the carbon stored, of course it depends if you consider weight or volume. Referring to the above example, 1 kg of wood always stores 0.5 kg of carbon, but occupies different volumes depending on its density. To say this with a more analytical example:
1 kg of wood with oven dry density of 400 kg/m3 = 0.025 m3 = 0.5 kg of carbon
1 kg of wood with oven dry density of 500 kg/m3 = 0.020 m3 = 0.5 kg of carbon
It depends on the accuracy that you need for your study. 50% of carbon content in wood is a widely accepted estimate and I would use it. Anyway there are many studies that analyzes this topic to find more accurate estimates (see two examples at the bottom).
Sean C.T., Adam R.M., 2012. Carbon Content of Tree Tissues: A Synthesis. Forests 3: 332-352. doi:10.3390/f3020332
Lamlom S.H., Savidge R.A., 2003. A reassessment of carbon content in wood: variation within and between 41 North American species. Biomass and Bioenergy 25(4): 381–388. doi: 10.1016/S0961-9534(03)00033-3