Doublebase

What are the incomes for tax brackets? Which is considered high, med, low? Where can I find this info? What all determines tax brackets? Just income? Lots of questions. Thanks guys.

Caltex

Here's the Federal Income Tax info. Most states also have income taxes, in addition to this.



Wikipedia is awesome

Example of a tax computation

Income tax:

* $40,000 (adjusted gross income)
o $7,550 × 0.10 = $755
o ($30,650 - $7,550) × 0.15 = $3,465
o ($40,000 - $30,650) × 0.25 = $2,337.50
* Total income tax = $6,557.50 (16.39% of income)

Note that in addition to income tax, a wage earner would also have to pay FICA (payroll) tax (and an equal amount of FICA tax must be paid by the employer):

* $40,000 (adjusted gross income)
o $40,000 × 0.062 = $2,480 (Social Security portion)
o $40,000 × 0.0145 = $580 (Medicare portion)
* Total FICA tax = $3,060 (7.65% of income)

* Total federal tax of individual = $9,617.50 (24.04% of income)

Doublebase

Exactly what I was looking for. Thank you. I guess I would file as head of household since my fiancee and I own a home together but aren't yet married. Cheaper for us to do it that way.

Doublebase

I found this.
Tax Brackets (Federal Income Tax Rates) 2000 through 2007

I want to compare to what is was in the 80's and 90's. This one only goes back to 2000.