I need to find out an amount listed to correspond to $900K for any standard deduction, only to get an overall figure.
2006-10-22 10:25:51 · 4 answers · asked by farack 2 in Business & Finance ➔ Taxes ➔ United States
Let's just say that I've run into a certain windfall of sorts.
2006-10-22 11:36:55 · update #1
I linked the IRS 2006 tax rate schedule below. I agree with Judy. If you have $900,000, hire an accountant. As a rough figure, you are in the top marginal tax bracket of 35%. 35% of $900,000 is $315,000.
EDIT:
The 35% is Federal Income tax. Your state will want their share as well.
2006-10-22 13:27:27 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
I'm not sure exactly what you're asking. If you really mean $900,000, any standard deduction would be phased out. And even if it weren't, it would be very small compared to your overall tax liability.
Please update your question with what you're looking for, and whether you really meant $900K, which is $900,000. If you had income anything like that, I'd assume you'd be asking your accountant, not Yahoo answers.
2006-10-22 18:28:40 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Assuming these are US federal taxes, the info you need can be found through the IRS website. Just do a search.
2006-10-22 17:39:19 · answer #3 · answered by bag o' hot air 2 · 1⤊ 0⤋
should be on the irs web site.
2006-10-22 17:38:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋