Thread: Great article...regarding taxes and leftist
View Single Post
Old 06-28-2008, 11:22 AM   #30
jefelump
Member
 
Join Date: Dec 2007
Location: Texas
Posts: 552
jefelump is a name known to alljefelump is a name known to alljefelump is a name known to alljefelump is a name known to alljefelump is a name known to alljefelump is a name known to alljefelump is a name known to alljefelump is a name known to alljefelump is a name known to all
Default
Quote:
Originally Posted by GermanDunk
OK, means Calculators out - when you make 1 $ more 10 % are milked for the whole sum.
I'm not completely sure I follow you, but I'll give an example based on Robillions quoted $40k/yr income. Let's assume he's single at the age of 21, so he's going to file as Single, and his parents are not claiming him as a dependent on their taxes. The following link provides info on Standard Deductions:

http://www.irs.gov/publications/p17/...blink100033844

Robillion's standard deduction is $5,350. If he has no other deductions, he is wiser to take standard deductions instead of trying to itemize. For the sake of easy math, we'll just use standard deductions. So Robillion's gross adjusted income is $34,650. Based on the tax chart posted earlier, his taxes break down as following:

$0 - $7,825: 10%, or $782.50
$7,825 - $31,850: 15%, or $3,603.75
$31,850 - $34,650: 25%, or $700.00

To even though he's in the 25% tax bracket, that does not mean he pays 25% on the entire $34,650. His tax liability in this example is $5,086.25
__________________
"In politics, there are some candidates who use change to promote their careers, and then there are those who use their careers to promote change."
-Gov. Sarah Palin, 09/03/2008

"Suppose you were an idiot. And suppose you were a member of Congress.. But I repeat myself."
-Mark Twain

'Outside of the killings, Washington has one of the lowest crime rates in the country,'
--Mayor Marion Barry, Washington , DC .
Last edited by jefelump; 06-28-2008 at 11:24 AM.
jefelump is offline   Reply With Quote