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Asked by: sventre
Individual and 3-400k couples?
Ariaread on Dec 01, 2012
Currently 32% not including SS and Medicare.
0 Votes 0 Votes 0 Votes
Bobbie on Dec 01, 2012
Federal Tax Brackets
Your tax bracket is the rate you pay on the “last dollar” you earn; but as a percentage of your income, your tax rate is generally less than that. First, here are the tax rates and the income ranges where they apply:
single 178,650 and 388350
single 388,350 and above 35%
MFJ 217,450 and 38850
MFJ 388,350 and above 35%
To take an example, suppose your taxable income (after deductions and exemptions) is exactly $ 100,000 in 2012 and your status is Married filing jointly; then your tax would be calculated like this:
( $ 17,400 minus 0 ) x .10 : $ 1,740.00
( 70,700 minus 17,400 ) x .15 : 7,995.00
( 100,000 minus 70,700 ) x .25 : 7,325.00
Total: $ 17,060.00
This puts you in the 25% tax bracket, since that’s the highest rate applied to any of your income; but as a percentage of the whole $ 100,000, your tax is about 17%.
Hope that you find the above enclosed information useful. 11/30/2012
tro on Dec 01, 2012
from 174,400 to 379,150 the tax is $ 17025 plus 33% of the excess over $ 174400
then the 379,150 to any amount above that is $ 110,016.50 plus 35% of the excess over $ 379,150
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