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Tax bracket
Posted on 1/9/13 at 11:57 am
Posted on 1/9/13 at 11:57 am
I'm not a OT baller so bear with me .
EDIT : how do I file on my w-4 for least amount taken from my check ? I am single with no kids .
I just got a raise from 35k to 38k
I am filing single . (Not married , no kids )This means that my 15% tax rate will bump up to 25% meaning ill actually be making less ... Correct ? If so can I do anything different as claiming goes so this doesn't happen or am I fricked ? Doesn't make sense . Thanks
EDIT : how do I file on my w-4 for least amount taken from my check ? I am single with no kids .
I just got a raise from 35k to 38k
I am filing single . (Not married , no kids )This means that my 15% tax rate will bump up to 25% meaning ill actually be making less ... Correct ? If so can I do anything different as claiming goes so this doesn't happen or am I fricked ? Doesn't make sense . Thanks
This post was edited on 1/9/13 at 12:25 pm
4
Posted on 1/9/13 at 11:59 am to dischNoutTAspd
File single and 0. You will still pay the 15% rate.
This post was edited on 1/9/13 at 12:00 pm
Posted on 1/9/13 at 12:02 pm to dischNoutTAspd
quote:No. The 25% rate is the "marginal rate" only on the amount of compensation over the tax bracket break point, not on your entire compensation.
This means that my 15% tax rate will bump up to 25% meaning ill actually be making less ... Correct ?
Posted on 1/9/13 at 12:03 pm to dischNoutTAspd
I always understood, you pay 15% on the first 35 or so that qualifies for that tax bracket, then you pay 25% on the income that exceeds it. I could be completely off.
So
15% of 35k
25% of 3k
So
15% of 35k
25% of 3k
Posted on 1/9/13 at 12:06 pm to dischNoutTAspd
quote:
This means that my 15% tax rate will bump up to 25% meaning ill actually be making less ... Correct ? If so can I do anything different as claiming goes so this doesn't happen or am I fricked ? Doesn't make sense . Thanks
No. Our tax system is progressive.
You are taxed at 15% for all money at or below the set limit (I don't know what it currently is).
Then, any money above that limit is taxed at the next highest rate until it reaches the next limit.
For example. Say you make 38k, and the limit is 35k.
The first 35k will be taxed at 15%. The next 3k will be taxed at 25%.
Posted on 1/9/13 at 12:21 pm to WikiTiger
2012 individual federal tax brackets.
10% on first $8700= $870 total for bracket
15% on $8701 up to $35,350 ($26,649 gap)= $3,997.35 total for bracket
25% on $35,351 up to $85,650 ($50,299 gap)=$12,574.75 total for bracket
10% on first $8700= $870 total for bracket
15% on $8701 up to $35,350 ($26,649 gap)= $3,997.35 total for bracket
25% on $35,351 up to $85,650 ($50,299 gap)=$12,574.75 total for bracket
Posted on 1/9/13 at 12:22 pm to drewnbrla
Better to make more money. Just as these guys have shown
Posted on 1/9/13 at 12:26 pm to drewnbrla
Based on taxable income, not gross.
Posted on 1/9/13 at 1:30 pm to CHSBears
Bump
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