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Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience:  MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
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What rate is replacing 35% individual rate under new legislation

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What rate is replacing 35% individual rate under new legislation signed yesterday?

Stephanie B. :

Thank you for your question.

Stephanie B. :

The new legislation that was passed raises the top tax bracket to 39.6% for a MFJ return for taxable income of $450,000 or more. For a single taxpayer, this bracket applies from taxable income starting at $400,000. The 2012 rates are taxable income over $388,350 is in the 35% bracket.

Stephanie B. :

That is just the income tax brackets. There is the new medicare tax that will likely affect these same taxpayers.

Stephanie B. :

Please let me know if you need further clarification.

I look forward to your response.


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