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Tax Bracket Questions
What is a Tax Bracket?
Bracket is different groups that are determined at which tax rates 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 just withdrew my ira ,000. I withheld 15% $4000 for
i just withdrew my ira for 26,000. I withheld 15% $4000 for federal 4% for north carolina state- $1068. I know that I will owe more. My husband and i file jointly and combined our income is roughly $160,000. I'm shooting that high just in case. How much more should I set aside for taxes? How does the 10% penalty get taken care of? Just looking for a rough estimate. Would rather shoot high end to be on safe side. Thanks.
This is complicated and I think a tax expert can assist me....I
This is complicated and I think a tax expert can assist me....I hope.
I have a house that is an investment property and under an LLC. I bought it in 2002 for $130K and took out a second on it in 2007. The second was for $265K. I used the money to rehab the property.
Then, the market crashed in 2008 ish. I did a Chapter 11 bankruptcy in 2011. The appraised value in 2011 was $110K! It was really, really under water! The bankruptcy plan was approved with the new value of $110,000 in 2012 and accepted by the banks. That is what I am now owing. $40K on a first and $70K on a second.
Fast forward to 2015. The property is now worth around $400K. I am thinking of selling it. Lets assume for now that if I sold this in 2015, the sales price would be $400K. Lets also assume that if I sold it two years later in 2017 the sales price would also be $400K
A few questions.
FIRST SCENARIO. Lets say I move into this home today and make it now my primary residence and not an LLC.
1. Can I live in the property again as a primary residence beginning now and then sell after 2 years, in 2017 and thus avoid capital gains? Or is it a longer period of time you have to hold the house if you go from a rental property as an LLC to a primary residence? I know the usual tax rule is lived in the primary residence two of the last five years to avoid a capital gains (up to $250K). Again, not sure this also applies when converting back from a rental property to a primary residence.
I have not received a 1099-C from the second bank for the difference between the $70K and the $265K ($195K).
2. If I make were to make this my primary residence and sell in 2017, and because this was part of a bankruptcy that the 1099-C would stem from (I am assuming I would get the 1099-C when the property sold), would I have to pay tax on the $195K?
SECOND SCENARIO: I sell the house today.
3. Lets say I sold the house today. How would capital gains be calculated. Would it be the $400K-110K owing on the first and second as my capital gains. In other words, $290K as capital gain?
DEPRECIATION FACTOR: Oh, I also forgot the depreciation factor. If I depreciated the home by $90K or whatever over the last 13 years (since buying in 2012), how does that figure in?
OK, as you see, I am just trying to figure out what to do here and what makes sense. Thanks so much!
My daughter's father passed away in July. Her income is
My daughter's father passed away in July. Her income is $38,000. She already received a $5,000 death benefit and $2,500 in life insurance. He had a 457 plan with $83,000. She has no write offs. They have been looking for a house to purchase. My question
is how much tax would she likely pay on that $83,000 if she cashed it in this year?
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