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Tax Rate Schedule Questions
All across the United States it can be heard as people talk about their wages what
bracket they fall in or have fallen into in the past. These
that these individuals are talking about can be found on the tax rate schedules. Some individuals are even able to estimate their taxes from knowing what tax bracket they are in according to the tax rate schedule. Below are questions that individuals have asked the Experts in regards to tax rate schedules.
What is a tax rate schedule?
A tax rate schedule is a schedule that gives the
at given levels. It should be noted that the tax schedules only apply to
in the United States, however in the United States there is more than one tax system. The second tax system is known as the
Alternative Minimum Tax
, which uses a different tax rate schedule than the tax rate schedule of the usual Federal Income Tax.
Is the tax rate schedule a gradual scale?
Often, the tax rate schedule is a gradual scale. Income is not figured on penny by penny, instead it is figured by the income by the individual that is filing and is in groupings such as income from $16,000 to $32,000 pays a tax rate of 10%, this is just an example and not from the tax rate schedule.
Are individuals and trusts held to the same tax rate schedule?
In many cases, an individual’s income and income from a trust are not held to the same tax rate schedule. It should be noted that a trust’s tax rate are for the most part higher than that of a beneficiary.
Is it possible to figure their taxes using a tax rate schedule?
If an individual wants to try to figure at what tax rate they will taxed at they must first understand that the tax rate schedule is determined by their taxable income from the year. The tax bracket that the individual is in comes from the tax rate schedule and is known as the marginal tax rate. For an individual to figure their marginal tax rate they must first add up all of their income that is taxable, then subtract their
, and then subtract either their itemized or standard
. After coming up with the amount after all of these calculations they are able to look at the IRS website to find the tax rate schedule.
Is there more than one tax rate schedule?
In some situations, there is more than one tax rate schedule. The tax rate schedule that will be used will depend on the way the filer is filing, single,
married filing jointly
, married filing separately, or head of household. Each
has a tax rate schedule that is bracketed according to the gross taxable income of the filer.
A tax rate schedule is used by the United States IRS in order to figure what tax rate an individual or individuals will be taxed at. The current year’s tax rate schedule can be found on the IRS’ website. The tax rate schedule is a gradual scale, in which the gross taxable income of the filer determines what tax bracket the filer will be in. The tax rate schedule is based upon the filer’s filing status; single, married filing jointly, married filing separately, or head of household. Contact the Experts for more information and answers relating to the tax rate schedule.
Recent Tax Rate Schedule Questions
I sold my home of 40 years in May, but needed that money before
I sold my home of 40 years in May, but needed that money before I could commit to another purchase. I bought another home in November, and now, even though I've reinvested most of the profit into the new house, I'm being told I must still pay capitol gains on the profit from the sale in May. I get a 250,000 one-time exclusion on the amount, but that doesn't do much to a 400000 profit. As a single parent struggling to keep my head above water most of my adult life, this really seems excessive. I thought I had up to a year to re-invest in another property, and now that I have purchased, I don't have the money to pay this huge amount of taxes on this so-called "income"(which I no longer have.) Is this correct??
I inherited 1/3 of an annuity from my mother and was told that it was tax free. Box 7 is D
I inherited 1/3 of an annuity from my mother and was told that it was tax free. Box 7 is D4 . Do I have to pay taxes on this?
There is a taxable amount listed in box 2a. When speaking to the ***** *****cock agent, he informed me that it was a tax free inheritance.
I was married until July2014 and filing as married filing Jointly.
I was married until July2014 and filing as married filing Jointly. However, I was divorced in July and now I adjusted my Taxes with my employer to reflect the fact that I am single. My ex-wife and I have 50/50 custody of our 1 child (age of 8) but she can claim him as a dependent not me. That said can I still file as single head of household as we have been separated for 6 months, and is there a process by which the IRS will recognize that for the first 6 months of the year I was paying taxes at a lower rate due to being married filing Jointly vs. filing single as head of household? My concern is that because I was single at the end of the year that the IRS will not recognize I was married and I will have to pay a large tax bill due to not paying in enough taxes for the first six months because I was married vs the amount that is being withheld for the last 6 months by my employer. Any advice would be greatly appreciated.
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