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2007-01-16 01:09:44 · 4 answers · asked by lizarddd 6 in Business & Finance Taxes Other - Taxes

4 answers

Federal income tax brackets range from 10% to 35% depending on taxable income. The first $8450 of income per wage-earner is typically exempt from tax except for people who are dependents, then it's typically $5150 exempt. For a married couple filing jointly, the first $16,900 would not be taxed. There can be additional amounts not taxed depending on family situations such as having kids. Many low income people make below the amount where they have to pay any federal income tax, and they might be eligible for an Earned Income Credit which pays them more money than they had withheld.

States vary considerably. Here's a link to info by state: http://www.taxadmin.org/fta/rate/ind_inc.html

Some municipalities also have a local income tax. Amounts vary.

2007-01-16 02:24:33 · answer #1 · answered by Judy 7 · 1 0

I was reading on line a week or so ago. If I recall correctly between all, including a tax paid to each state and social security tax (a disabled and retirement pension), it looked like it could be as much as 50%. No medical there either, except for the poor and the aged must pay for theirs out of pension unless dirt poor.
---That Cheeky Lad

2007-01-16 09:17:22 · answer #2 · answered by Charles-CeeJay_UK_ USA/CheekyLad 7 · 0 0

Its based on your personal income. there are tax groups that we all belong to that can be as low as 15% to as high as 45%

2007-01-16 09:19:21 · answer #3 · answered by Lonnie S 1 · 0 1

thats too vague of a question....It depends on alot of things...

2007-01-16 09:17:14 · answer #4 · answered by Nolagirl83 5 · 0 1

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