Like people are confusing and saying its 30% and someone saying its 70% of your pay check.
Like say if someone was to make 50 thousand a year and someone were to make a 100 thousand a year. Would the percentage each pays be the same?
50/.25 (guessing the tax) would pay 12.5 thousand a year
100/.25 would pay 25 thousand a year.
Sorry for all these dumb tax questions, but i need to know this crap for my school project.
Teachers can suck when they don't teach ehh?
2007-11-10
07:29:01
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6 answers
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asked by
Anonymous
in
Business & Finance
➔ Taxes
➔ United States
One more question.
say someone makes 100k a year
and someone makes 1000k (million) a year.
Would they both pay the same percentage?
2007-11-10
07:36:28 ·
update #1
We have a graduated income tax in the US. Here's the rates for a Single taxpayer:
If taxable income is over-- But not over-- The tax is:
$0 $7,825 10% of the amount over $0
$7,825 $31,850 $782.50 plus 15% of the amount over 7,825
$31,850 $77,100 $4,386.25 plus 25% of the amount over 31,850
$77,100 $160,850 $15,698.75 plus 28% of the amount over 77,100
$160,850 $349,700 $39,148.75 plus 33% of the amount over 160,850
$349,700 no limit $101,469.25 plus 35% of the amount over 349,700
Here's a link to the source if that's hard to read: http://www.irs.gov/formspubs/article/0,,id=164272,00.html
That's for income taxes. There are other taxes as well. The first $97,500 in wages for 2007 is subject to Social Security tax at 6.2%. All wages are subject to Medicare tax at 1.45%
2007-11-10 07:56:59
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answer #1
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answered by Bostonian In MO 7
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It depends on what kind of tax you are talking about.
Federal income tax has several different rates depending on how much you make - the percent gets higher on higher amounts of income. The rate ranges from zero to 35%.
There are certain items that you can subtract from your income before calculating your tax - these are called deductions, adjustments and exemptions.
Someone who makes 50K would pay a lower percent than if they made 100K, and if they made $1 million they'd pay an even higher overall percent.
Social security and medicare will take 7.65% of your income up to $97,500 a year, and just 1.45% (for medicare) on amounts over that. Your employer pays a matching amount. If you are self-employed, you pay both the employee and the employer halves.
Most states have an income tax. The rates and rules are different in each state, but it can range from zero to over 9%. Some local governments also have an income tax.
There are other taxes you pay on things you buy or own, like sales tax, real estate tax, and gasoline tax.
2007-11-10 08:55:06
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answer #2
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answered by Judy 7
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No. The percentages are not the same. Generally, the more you earn, the higher the percentage is. Also, the first few thousand is not subject to income tax but is subject to social security tax and medicare tax, then the next several tens of thousands are subject to social security tax, medicare tax and income tax, and then anything over that it subject to income tax and medicare tax, but not social security tax.
2007-11-10 09:22:44
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answer #3
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answered by StephenWeinstein 7
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No. Normally the higher your income the higher the tax bracket.
The percentage of tax due increases based on an IRS chart.
Go to IRS.com and you will learn how it works.
2007-11-10 07:44:23
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answer #4
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answered by Swasch 1
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It depends on your income, number of dependents, filing status and tax writeoffs. Automatically, there is 7.65% for Social Security and Medicare taxes. Income taxes for a family of four (Dad, Mom, two school age children) with $50,000 income and standard deduction would be $1,073 after child credits or 2.1% of their income.
2007-11-10 07:36:50
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answer #5
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answered by Anonymous
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i think the more you make the lower the percentage is. it is somthing like 22%, 25% and 28%
2007-11-10 07:33:13
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answer #6
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answered by scootertrash82 2
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