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what are income tax rates?

Asked by: lpliskin 181 views YA Discussion

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  1. John Scott on Jan 05, 2013 Reply

    These are percentages that your taxable income is taxed at. Our tax system is progressive, so you are only taxed on the income earned in a particular tax bracket. For example, if you are single and your
    income is $ 42,000 after deductions and credits, here is how you are taxed:

    The first $ 8700 is taxed at 10% – $ 870
    The amount between $ 8700 and $ 35,350 ($ 26,650) is taxed at 15% – $ 3,997.50
    The amount between $ $ 35,350 and $ 42,000 ($ 6,650) is taxed at 25% – $ 1,662.50

    The total tax owed is therefore $ 6.531

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