I though it had taxes all figured out, but then i read an answer here about a 48% tax bracket. I thought the last tax bracket is 35%?! So does it just keep going going?
2007-10-17 05:58:35 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
It is 35% for income tax but you may owe some other taxes, self-employment tax for example, that will add to the total
2007-10-17 06:05:33 · answer #1 · answered by Anonymous · 1⤊ 0⤋
There are lots of wrong answers given here, unfortunately. The top US federal income tax bracket today is 35%, you are correct.
Since states and locals often have income taxes, it's possible to pay more total as a marginal rate. And if you figure in social security and medicare, than also increases the tax.
2007-10-17 06:16:52 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
When you see answers here that seem strange, come back in a day or so to see how many thumbs up or thumbs down it got. Those ratings are usually pretty accurate.
2007-10-17 07:08:24 · answer #3 · answered by r_kav 4 · 1⤊ 0⤋