The amount one pays as income tax depends on their TAXABLE income. It is a percentage of that income. The exact percentage used depends on the level of that income. Taxable income depnds on many things: Earnings from employment for sure, earnings from other sources (investments, government payments, etc.), and even then certain items of each may be not included, or things you may not receive in cash may be included. For example - the contribution to a 401k is not taxable income, even though it is part of your salary. On the other hand, certain benefits you may receive, like employer paid life insurance, car allowances, even access to a cafeteria that has reduced prices because of an employer supporting it), may result in taxable income to you. Once the amount of taxable income is determined, then thedeductions to that income are applied. For example, interest paid on the mortgage for your home, number of dependent children, number of other qualifying dependents, medical costs, certain expenses of making that income, state taxes paid, etc.). Hence, any 2 people, holding the exact same job at the exact same salary and benefits, may well have 2 entirely different tax amounts due. Once the amount of taxable income is determined, looking at the tax rate charts (made by filing status, for example single filer verses married filing jointly),for that income determines how much one actually must pay. I'll try and provide a link to a chart.
After your income tax return is completed correctly you will know what your marginal tax rate was for your taxable income for the year. The federal income tax rate on your taxable income can be from -0- percent to the maximum 35% marginal tax rate depending on your filing status and your total worldwide taxable income.
Roughly 28%, of course varying greatly by job, gross earnings and age.
on an estate settlement how much money in tax will i pay on $26000.00
Usually 20%
No such thing..no maximum on how much money you can make, no max on how much tax you can pay
how much do you get back for children during tax seasons
executive
When you are computing how much tax you have to pay.
How much tax will have to be paid on buying a plot of £46000 in Brazil, when the money is transferred from England
To answer your question, the taxes you pay on the money you earn (salary, income) is called income tax.
Yes, IRA distributions are taxable. You do not pay tax while the money is in the account, but you pay tax when you withdraw the money.
you go to the money bag and press the 10 minte bag
you pay from your job money
how much tax do i pay on 900 a week