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These numbers are for Federal Income Tax for 2008.
The top 50% paid 97.3% of all Federal Income taxes collected.
The top 10% paid 69.9%
The top 5% paid 58.7%
The top 1% paid 38.2%
The bottom 50% of income earners only paid 2.7% of the total Federal Income tax in 2008
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In a progressive tax system as income increases the percentage paid?
increases
What happens to the percentage of an income that is taxed when income rises and the tax is a progressive one?
the percentage of tax rises
Are free income tax estimators as good as paid estimators?
Yes, a free income tax estimator can be as good as a paid income tax estimator. A tax estimator just allows you to have an estimate of your tax return.
How do I find out what my income tax percentage is?
There are many websites available online that can help you calculate your income tax percentage. It is usually based on your income and the type of income that you have.
What is an income tax?
Income tax an amount of tax that is due on your TAXABLE INCOME amount for the tax year.
What was the highest percentage income tax being paid in 1918?
What was the highest percentage income tax being paid in 1918
Why the US personal income tax is considered a progressive tax?
As income increases the percentage of that paid as tax progressively increases. If it was a "flat tax" instead, the percentage paid would be constant regardless of income.
Income tax for marine biologist?
Income tax for a marine biologist is paid the way other taxes are paid in the United States. A percentage of income is paid to both state and Federal internal revenues.
In a progressive tax system as income increases the percentage paid?
increases
What type of tax is one that takes a smaller percentage of income from high-income people than from low-income people?
A regressive tax is one that takes a smaller percentage of income from high-income people than from low-income people. In a regressive tax system, as income increases, the percentage of income paid in taxes decreases.
How much is tax worth?
A tax paid for income taxes is a percentage of total income. Tax varies by how much income a person has. Tax is also paid on items sold in many states. The buyer pays a percentage on average of 7% on purchases. Gasoline, cigarettes, and liquor are taxed differently. Groceries are taxed in some states and not in others.
A progressive tax means that as taxable income increases the percentage of income paid on taxes also increases.?
True(Kaylop)
A progressive tax means that as taxable income increases the percentage of income paid on taxes also increases?
True(Kaylop)
What is the average annual income-tax percentage paid in the Europe?
There are as many as there are countries within Europe! You have to be more specific about which country's income tax you want to know more about.
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
What are the basic principles of income tax?
A percentage of what you earn each year (ie of your income) is taken by the state to fund the activities of the state. The tax is MUST (by law) be paid every adult earning an income in the country.
Can you treat tax as expenses?
Tax is an expense on financial statements. However, income tax is an expense of the year in which the income was earned, not the year the tax is paid. For instance, income tax paid in 2013 for income earned in 2012 is an expense for 2012. You do not deduct as a 2013 expense the income tax paid in 2013 for earnings in 2012.
