[OT] Tax Tiers
jeff at zingstudios.com
Mon Sep 3 10:05:29 MDT 2007
> Does anyone know what the tax bracket tiers are? Is it broken out by
> how much your earn or is it a combination of things (e.g. school
> loans, mortgage, charitable contributions)?
How much you earn is obviously the biggest factor, but that income is
adjusted by a number of things. Interest earned on bank and savings
accounts, profits from the sale of stock, gambling winnings (heh), and
so forth are all added to your W-2 income. Then you deduct things like
mortgage interest, charitable contributions, property taxes, IRA
contributions, health care expenses, business expenses, etc.
The resulting number is your taxable income: the all-important line 43
on your 1040. State and federal taxes are computed based on that
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