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Suppose my taxable income in 220,000 this year and the tax

Customer Question
rate is X up to...
Suppose my taxable income in 220,000 this year and the tax rate is X up to 200K, but Y for 200and over, do I pay Y on the full 220K or just that above 200K?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Suppose that my taxable income for 2017 is $ 220,00, and the tax rate on 200K is X, but for incomes above 200K the rate is higher a Y. My question is must I pay rate Y for the full 220K, or just the 20K above the 200?
JA: Is there anything else important you think the Accountant should know?
Customer: no, as this is hypothetical . Do I pay X on the first 200K and then Y on the next 20K, or Y on it all>?
Submitted: 1 month ago.Category: Tax
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Answered in 6 minutes by:
11/8/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,011
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane.

...

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

...

The answer is ... X on the first 200K and then Y on the next 20K.

...

We have a progressive tax rate in the U.S..

...

Here, for example, are those rates for a single filer (for 2017)

...

Single Filing Status

Single 2017 Tax Brackets

...

Taxable Income ........ Tax Bracket:

$0 - $9,325 .................. 10%

$9,326 - $37,950 .......... 15%

$37,951 - $91,900 ........ 25%

$91,901 - $191,650 ...... 28%

$191,651 - $416,700 .... 33%

$416,701 - $418,400 .... 35%

$418,401+ ................... 39.6%

...

SO, if taxable income is, say, $50,000, the first 9325 is taxed at 10%, the next (37,950 - 9326) = 28624 is taxed at 15%, and then the remaining (50,000 - 37,950) = 12050 is taxed at 25%

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

...

But if you need more on this, please let me know.

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,011
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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