How much is taxed in income tax?

Answer 1

To collect over $2 trillion in taxes each year the IRS has a budget of about $11 billion for 2008. Will likely be budgeted for much less. See link for wish list budget.

http://www.gao.gov/new.items/d07719t.pdf That same site will rpovide a lot of data on how much of what type of tax is collected from whom.

Note: 1 trill = 1,000,000,000,000

1 bill = 1,000,000,000

So if we didn't just casually round the collections and you even just said 2.1T....that .1 T is one tenth a Trill or 100 Bill! Their budget is well within the trailing rounding! (If your thinking of arguing something like it costs more to collect taxes than it's worth).

Answer 2

Taxable income Tax on this income $0 - $6,000 Nil $6,001 - $34,000 15c for each $1 over $6,000 $34,001 - $80,000 $4,200 plus 30c for each $1 over $34,000 $80,001 - $180,000 $18,000 plus 40c for each $1 over $80,000 $180,001 and over $58,000 plus 45c for each $1 over $180,000

The over are tax rates for Australian resident for tax purposes for the 2009 financial year. It can change it year. Please note their are different rates for non-residents and people under 18 years of age. There are also offset such as low income, mature age etc. that you may be eligible for which also reduces the tax you pay. Use the above table as an estimate on how much tax individual residents pay. This type of text=how much income tax.

Answer 3

It depends on ur income earning.the more u earn higher income the higher the tax rate

Answer 4

It all depends on your income and is variable ! It is as low as 20% for low earners and high as 45% for high earners.

Answer 5

That depends on which country you live and the total you earn in a 'tax year', as each country sets its own tax rates.