How Do You Figure a Tax Bracket?

Reply Mon 11 Apr, 2005 06:08 pm
How do you figure what your tax bracket is? (I'm filling out a form.)

Is it tax divided by adjusted gross income? or divided by taxable income?

Neither of those came to a nice round number for me.
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Reply Mon 11 Apr, 2005 06:10 pm
It's your gross income divided by your zip code.
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Reply Mon 11 Apr, 2005 06:12 pm
Gee, thanks SCoates. Very Happy
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Reply Mon 11 Apr, 2005 06:36 pm
Everything is based on taxable income. Actually there is no one tax bracket for an individual unless the income is very low. Both the tables that show your actual tax and the computation tables are based on the fact that the first $$7150 is taxed at 10%, the next $21900 is taxed at 15%, the next $41300 @25%, the next $76400 @28%, etc. Up to $100,00, you read your tax right from the table. Above $100,000, you go to a chart that gives increments. You go to the increment that includes your income. It shows the accumulated tax up to that increment (bracket) and you add the remainder of your income multiplied by the bracket tax rate to the accumulated tax to find your tax owed.
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Reply Mon 11 Apr, 2005 06:40 pm
Thanks flyboy. I couldn't find it written out so clearly anywhere.
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