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Tax Bracket Questions
What is a Tax Bracket?
Bracket is different groups that are determined at which
change in a
system. There are cutoff values for
; the taxable income will be taxed at a higher rate past a certain point. If a person’s an annual income goes past the cutoff point, that person is taxed due to the next tax bracket.
According to tax brackets would an individual need to change their W2 form if there are individuals living with them that do not work, and they are considered the head of household? Would this drop the individual tax bracket percentage?
If at least one of the individuals is a qualifying person for “Head of Household”, then one of the people could use that status.
Only certain types of relatives can be qualifying persons for Head of Household as follows:
Child, step child, adopted child, foster child, brother or sister, or a descendant of one of these whom you can claim as a dependent under the qualifying children
Child, step child, adopted child, foster child, brother or sister, or a descendant of one of these whom you would be able to claim as a dependent under the qualifying children rules but choose not to claim as a dependent because you released the dependent's
to the noncustodial parent;
Mother or father who can be claimed as a dependent under the qualifying relative rules;
Brother, sister, grandparent, niece, or nephew whom you can claim as a dependent under the qualifying relative rules.
If a person is in the 36% tax bracket; does that mean that the entire income is taxed at 36% or is it a graduated system and only that part above a certain level is taxed at 36% ?
That will be the only part that is above a certain level is taxed at 36%; if the person’s taxable income is decreased by a dollar then the tax saving will be only be $.36. Although, if the person’s income is gained by one dollar then the tax liability will be $.36; Tax brackets apply to taxable income. The tax brackets can vary depending on the way a person files the taxes.
What tax bracket would a couple be in if they are jointly filing with a $167,000 income in California? What percentages of the earnings are supposed to be paid for the State and Federal levels?
A person’s tax bracket depends on the tax income; it has nothing to do with a person’s total income that is earned. The person will have to factor in the adjustments,
and exemptions before the person will know what the tax bracket. The couple may be in the highest bracket for CA, 9.3%.
Is there a 50% tax bracket for individuals earning over 1 million dollars?
There is not a specific tax bracket for that type of income. No there is no currently such bracket for
. The highest tax bracket is 35%. Although, there is something called the
on estate that is worth over $2,000,000. The highest tax bracket on it is 47%.
Hard working people are filing for income taxes and want to know what tax bracket that they fall in. Often individuals and couples have questions like what is the
Bracket, what is my tax bracket, and questions like what is the retirement tax bracket. Experts can assist with questions that involve income taxes and tax bracket questions that people may have. It is important to ask questions about this topic to give a better understanding.
Recent Tax Bracket Questions
Complicated self employment tax situation. I am in multiple
Complicated self employment tax situation.
I am in multiple partnerships developing apps on the App Store. I started about 3 months ago and have been making decent revenue from it.
App #1: Net proceeds of $2-$2.5k / month after Apple's 30% cut. I get 50% of net proceeds.
App #2: Net proceeds of $1.5k / month after Apple's 30% cut. I get 50% of net proceeds.
App #3: Net proceeds of $1k / month after Apple's 30% cut. I get 100% of net proceeds.
App #4: Net proceeds of ~$6k / month after Apple's 30% cut. I get 55% - 65% of net proceeds. Partner is based in Australia and app is under his name.
App #5: Net proceeds of ~$10k / month after Apple's 30% cut. I get 55 - 65% of net proceeds.
Each app is under a different account and name. Some of my partners are based out of the US, others are not. I'd like to avoid filing an LLC or setting up a business for each separate app.
What's the best way I can go about everything? Should I be paying self employment tax on all of my revenues or filing it as personal income at the end of the year? How can my partners deduct my distributions from taxes owed, so we do not get double taxed, as the accounts are under their names?
I'm taking a $350,000 lump sum pension buy out. My taxable
I'm taking a $350,000 lump sum pension buy out. My taxable income last year was about $9,000. I owe about $110,000 on my home. I was thinking about taking 140,000 in cash and paying off the house and one other debt. I do not have any other debt. The remainder would be rolled into a 401k plan with monthly withdraws of about $1,400 to offset the pension I now get less the house and other debt payments. I will be 72 in November. Advice?
This fall, I will be starting a PhD program and will be receiving
This fall, I will be starting a PhD program and will be receiving a stipend from the university. The funds I will receive from August 2015 through May 2016 total $19,734.50.
In my first year, my funds will come from two different sources - a teaching assistantship, which will already have tax money withheld from it, and a fellowship, which "is taxable but no withholdings are deducted from your paycheck." These fellowship dollars will total $11,000 in the 2015-16 school year. The taxed teaching assistantship money will be distributed through paychecks, while the pre-tax fellowship money will be provided in two lump sums (half in the fall of 2015, half in the spring of 2016).
I'm writing for your advice about how much money I should withhold from my paychecks in order to accommodate the $11,000 of fellowship money, so that I can avoid any surprises in tax season. The university recommended I consult a tax professional for guidance.
I will be paid in 22 installments from 8/28/2015 through 6/17/2016. Can you recommend a withholding amount to specify on my W-4?
Also, I currently work at another job, where my salary is $75,000, but I will be leaving that job on August 7th. I have had this job for three years. I'm wondering if this income puts me in a higher tax bracket than I would be otherwise, and how this would affect the withholding amount for my fellowship money. If this is the case, would I then need to adjust my withholding amount first thing in January 2016, since I will have a much reduced AGI in 2016 than I will have had in 2015?
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