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what is base tax amount for high tax bracket for 2008?
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What is tax bracket?
A tax bracket has to do with the amount of money you make over the specified limit. If you are a company you will probably have a payroll tax bracket as well. Depending on how much you pay out in payroll will depend on what that tax bracket will be.
What is the difference between rates and taxes?
This would depend on how the words are used. The federal income tax marginal tax rates (brackets) would be the percentage amount that is applied to each bracket amount of income for that filing status. The bracket percentage amount go from -0- percent to the maximum 35% for the 2009 tax year income. Taxes Income tax liability would be the amount of taxes that is owed on your taxable income at your marginal tax rates after your income tax return is completed correctly for the year.
What are the low and high tax brackets for salaries?
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 between $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).
What is the tax bracket for individuals?
There are many things that will determine which tax bracket you will wind up in. There are tax brackets for single people and married couples. On top of that any individual is able to add an additional amount to be deducted from their gross pay and apply that towards taxes that might be owed at the end of the year. If you have overpaid taxes, when you file your returns, you might get a refund.
What tax bracket pays the highest percentage of federal income tax?
People who file single, married filing jointly and head of household and make $349,700 pay the highest taxes. They pay a base amount on the $349,700 and then 35% on any amount over that. You can see tax schedules here: http://www.irs.gov/formspubs/article/0,,id=164272,00.html. You can also use a tax calculator if you're not into manual calculations. http://www.taxseason2009.com/tax-calculator/tax-calculators
Is your federal tax bracket your average tax rate?
No the federal tax brackets would NOT be your average income tax rate on your income. Each separate federal tax bracket amount is your marginal tax rate for that amount of your taxable income that is in that bracket amount.
What is tax bracket?
A tax bracket has to do with the amount of money you make over the specified limit. If you are a company you will probably have a payroll tax bracket as well. Depending on how much you pay out in payroll will depend on what that tax bracket will be.
How much tax do you pay on interest?
What ever your marginal tax rate is after your income tax return is completed correctly for the year. Could from 10% to the Maximum 35% tax bracket amount.
What is the difference between rates and taxes?
This would depend on how the words are used. The federal income tax marginal tax rates (brackets) would be the percentage amount that is applied to each bracket amount of income for that filing status. The bracket percentage amount go from -0- percent to the maximum 35% for the 2009 tax year income. Taxes Income tax liability would be the amount of taxes that is owed on your taxable income at your marginal tax rates after your income tax return is completed correctly for the year.
What are the low and high tax brackets for salaries?
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 between $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).
What is the highest individual tax rates for the US tax payers?
For the tax year 2010 at this time July 18 2010 6:35 pm the maximum tax bracket amount is 35 %.
What is the tax bracket for individuals?
There are many things that will determine which tax bracket you will wind up in. There are tax brackets for single people and married couples. On top of that any individual is able to add an additional amount to be deducted from their gross pay and apply that towards taxes that might be owed at the end of the year. If you have overpaid taxes, when you file your returns, you might get a refund.
How does filing status affect the amount of taxes you will pay?
It changes the tax bracket of the taxpayer, meaning that the taxpayer pays more or less tax, depending on filing status.
What tax bracket pays the highest percentage of federal income tax?
People who file single, married filing jointly and head of household and make $349,700 pay the highest taxes. They pay a base amount on the $349,700 and then 35% on any amount over that. You can see tax schedules here: http://www.irs.gov/formspubs/article/0,,id=164272,00.html. You can also use a tax calculator if you're not into manual calculations. http://www.taxseason2009.com/tax-calculator/tax-calculators
How can you find the sales tax amount from the total including tax?
Tax = Total Amount - (Total Amount / (1 + Tax Rate))Example: Total including tax is $2.14 and the tax rate is 7% (0.07).The base amount -- or purchase price -- is $2.14 divided by 1.07, or $2.00.The tax is 2.14 - (2.14/1.07) = $0.14
What is the 2008 social security tax base?
=== === The maximum amount of wages subject to Social Security tax for 2008 is $102,000. There is no limit on the amount of wages subject to Medicare tax.
What is the federal tax rate on withdrawal of all 401k funds?
What ever your marginal rate will after you have completed you income tax return correctly. Could be any where from the -0- % to the maximum 35% tax bracket amount.
