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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 exemption 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
I have inherited half of my dad's 401k. My dad died about one
I have inherited half of my dad's 401k. My dad died about one month after turning 59-never got to his retirement. It is just over $210,000. I have contacted a financial advisor and about to do a beneficiary IRA. However, I am considering taking some of this as a lump sum maybe $70,000 and put the rest $140,000 in the beneficiary IRA. I am concerned though about the taxation and if it is even worthwhile. I am 40 years old (female), married with 2 kids and work full time. I gross about $78,000 a year and live in California. I am thinking of selling our home and using the $70,000 plus what we profit off the sell to help purchase another home. I have little debt--just a mortgage. Own our vehicles, no credit card debt. I have a 401k at work that is doing well and won't even think about touching it. How much would I be expecting in taxes if I do this? Would you recommend just putting it all in the beneficiary IRA? Any advice welcome.
My ex-husband died and our 2 children want to split their inherited
my ex-husband died and our 2 children want to split their inherited life insurance, pension , 401k and house with me. Is there a safest way to do any of these?
My wife and I are transitioning from working with w2 income
My wife and I are transitioning from working with w2 income to retirement with Social Security and income from our 401K's. Our non-401k savings is all in various investments. From a tax stand point, if we need cash for some large expense like a car or major home repair, is it better to sell stock from our saving account or withdraw large sums from our 401k.
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