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What is the tax bracket percentage for a person making 20K a year?
Your taxable income (the amount you made to apply a tax rate to) is, because of deductions, exemptions, dependents and other considerations, is normally very different (lower) than what you "make". A person who made 20K will have a tax rate of about 15%, however, again EITC and other credits may make this much less. Many, if not most people, especially with any family who make 20K will pay little or no tax and many actually get money back because of the credit features available for low earners.
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taaxablee incomee ^.^
20k is 20 thousand dollars. The reason why k stands for thousand and not t is because k is thousand in Roman Numerals.
Income tax brackets enable the progressive taxation of income.
It depends on the filing status.. For 2008:. Single Filing Status . (Tax Rate Schedule X). 10% on income between $0 and $8,025 . 15% on the income between $8,025 a…nd $32,550; plus $802.50 . 25% on the income between $32,550 and $78,850; plus $4,481.25 . 28% on the income between $78,850 and $164,550; plus $16,056.25 . 33% on the income between $164,550 and $357,700; plus $40,052.25 . 35% on the income over $357,700; plus $103,791.75 . Married Filing Jointly or Qualifying Widow(er) Filing Status . (Tax Rate Schedule Y-1). 10% on the income between $0 and $16,050 . 15% on the income between $16,050 and $65,100; plus $1,605.00 . 25% on the income between $65,100 and $131,450; plus $8,962.50 . 28% on the income between $131,450 and $200,300; plus $25,550.00 . 33% on the income between $200,300 and $357,700; plus $44,828.00 . 35% on the income over $357,700; plus $96,770.00 . Married Filing Separately Filing Status . (Tax Rate Schedule Y-2). 10% on the income between $0 and $8,025 . 15% on the income between $8,025 and $32,550; plus $802.50 . 25% on the income between $32,550 and $65,725; plus $4,481.25 . 28% on the income between $65,725 and $100,150; plus $12,775.00 . 33% on the income between $100,150 and $178,850; plus $22,414.00 . 35% on the income over $178,850; plus $48,385.00 . Head of Household Filing Status . (Tax Rate Schedule Z). 10% on the income between $0 and $11,450 . 15% on the income between $11,450 and $43,650; plus $1,145.00 . 25% on the income between $43,650 and $112,650; plus $5,975.00 . 28% on the income between $112,650 and $182,400; plus $23,225.00 . 33% on the income between $182,400 and $357,700; plus $42,755.00 . 35% on the income over $357,700; plus $100,604.00
£400 per week
Less than 1/2 a percent.
The tax percentage for the gift tax is generally 45 percent.
If you filed a tax return with $75,000 income, there are several variables that would be considered before you can determine a tax bracket. If you file single, you get a sta…ndard deduction of $5350 and an exemption amount of $3400 which means that $8750 would be deducted from the $75,000 which would put your taxable income at $66,250. This would put you in the 25% tax bracket. Now, if you have deductions such as mortgage interest, taxes, medical expense, etc., this could bring your taxable income down even farther. But you would have to lower your taxable income below $31,851 before you would get to the 15% tax bracket.
The federal income tax brackets for Canada are as follows: [$0 - $42,707] 15% [$42,707 - $85,414] 22% on this portion [$85,414 - $132,406] 26% on this portion [$132,406 +] 29…% on this portion The provincial rates differ in each province. See the related link from Canada Revenue Agency for more information.
You do NOT have a average US tax bracket as each taxpayer can have a different filing status on each 1040 federal income tax return that they are required to file reporting al…l of their gross worldwide income from all sources on the 1040 income tax return. After your 1040 federal income tax return is completely correctly to the line 43 page 2 of your 1040 income tax return TAXABLE INCOME amount. You will have 6 different percentage of marginal tax rates from 10%, 15%, 25%, 28%, 33% and the maximum 35% for the the tax year 2010 at this time July 31 2010. You can find the income amount that the rates would apply to for your filing status by going to the IRS gov website and using the search box for 1040ES and then go to page 8 for the 2010 Tax Rate Schedules
When you complete your tax return correctly and get to the line that says taxable income then you should be able to go to the tax rate schedule in the instruction book that yo…u are using to get a good idea of what your tax rates will be on your taxable income. If your adjusted gross income is 35000 and you are a single taxpayer under the age of 65 you can have 9350 of tax free income for the tax year 2009 and 2010. the amount above that would be taxed at the 10% and 15% tax bracket rate amounts. So you would have 25650 that would be taxed at those rate amounts. Go to the IRS.gov web site and use the search box for 1040ES and go to page 8 for the 2010 tax rate schedule amounts.
You can find the 2010 tax rate schedule for your filing status if you are using the 1040 federal income tax return. Go to the IRS gov website and use the search box for 1040ES… and then go to page 8 2010 Tax Rate Schedules Do not use these Tax Rate Schedules to figure your 2009 taxes. Use only to figure your 2010 estimated taxes. This would be on the amount of your TAXABLE INCOME. You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to your TAXABLE INCOME and page 2 lines 43 and Line 44 you will know the amount of your income liability before any credits or other taxes. Continue from Line 45 to the last lines at the bottom of the 1040 page 2 and then you will know how much taxes you will have to pay if any after you complete your 1040 income tax return correctly. 10%, 15%, 25%, 28%, 33% and 35% maximum for the year 2010. You can go to the below enclosed website address go to page 8 irs.gov/pub/irs-pdf/f1040es.pdf
In Tax Forms
The low tax bracket for 2008 federal tax brackets is 10 percent for taxable income between $0 and $8,025. The high tax bracket for 2008 is 35 percent for taxable income betwee…n $357,700 and above. For 2009 federal tax brackets, the low tax bracket is 10 percent for taxable income between $0 and $8,350 . The high tax bracket is 35 percent for taxable income between $372,950 and up. For more information, go to www.irs.gov/newsroom for Article IR-2007-172 (2008 Inflation Adjustments Widen Tax Brackets) and IR-2008-117 (2009 Inflation Adjustments Widen Tax Brackets and Expand Tax Benefits).
They usually pay around 30 percent of their income after all the deductions. This is much higher than those who make less.
For tax year 2009 or 2010 one family member can gift to any other number of family members up to $13,000 each without any reporting by either party each year. The person who… receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. If you give any one person gifts in 2009 or 2010 that were valued at more than $13,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts each year. For more information go to the IRS gov web site and use the search box for publication 950, Introduction to Estate and Gift Taxes, IRS Form 709 United States Gift Tax Return, and Instruction for Form 709. The instructions are available at the IRS gov web site choose within Forms and Publications However, what you call a gift and what the IRS defines as one may be different. And many things the world calls a gift are very much taxable indeed. For example, remember when Oprah gave everyone in the audience a gift of a car? And then the INCOME TAX on the value of that gift was indeed due by the one getting it? (As is tax on winning any game show or lottery, etc) The same is true in most all situations (outside of family) - call it what you want that doesn't change it (bonus, gift, holiday extra, performance, good looks, etc- whatever - it's income) - if you are given ANYTHING of value the value you have been given is taxable. PERIOD