how many % you need to give to the government out of your annual income?
2006-07-14 02:32:27 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
http://www.irs.gov/formspubs/article/0,,id=150856,00.html
This link will take you directly to the tax schedule on the IRS website. That should allow you to figure your percent.
2006-07-14 02:42:52 · answer #1 · answered by Thrasher 5 · 0⤊ 0⤋
There is no one established percentage. Our taxes are calculated based upon taxable earning, which are not the same as our total income. There are numerous reductions, credits, and other adjustments that can reduce the taxable income. To further confuse things, the percentage you will pay in tax differs depending on the taxable income range.
2006-07-14 09:37:45 · answer #2 · answered by Speedo Inspector 6 · 0⤊ 0⤋
The percentage varies as your income goes up. Additionally, FICA taxes are capped, so after a certain amount, you don't have to pay it anymore. Also, there are a slew of rules that allow deductions, then take them away if you make too much and then the alternative tax that penalizes you for taking too many deductions. The IRS site has a tax withholding calculator you can use to guess at your liability.
2006-07-14 09:36:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Its a graduated scale based upon your income and filing status. It goes from 10% up to 35%.
2006-07-14 09:36:40 · answer #4 · answered by extra_37 4 · 0⤊ 0⤋
Its a graduated scale. Which means that the % goes up as you make more. So it depends upon how much you make.
2006-07-14 09:36:35 · answer #5 · answered by Blunt Honesty 7 · 0⤊ 0⤋