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Author: serik Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121218  
Subject: Dumb Question? Date: 12/8/1997 10:15 AM
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How do I know what tax bracket I am in, I earnes around 32,000 net this year.
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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 857 of 121218
Subject: Re: Dumb Question? Date: 12/9/1997 3:28 PM
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How do I know what tax bracket I am in, I earnes around 32,000 net this year>>

The only REAL way to know your tax bracket is to compute your total income, less your adjustments to income, less your itemized deductions (or standard deduction), and less your personal exemptions.

THAT will give you your taxable income...the income on which you will pay tax. You then compare your taxable income to the IRS tax rate tables for your specific filing status in order to find your marginal tax rate (commonly known as your "tax bracket").

Simply knowing your "earnings" for any period of time will not help you out in finding out your tax bracket. Some computation is required.

TMF Taxes
Roy



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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 858 of 121218
Subject: Re: Dumb Question? Date: 12/9/1997 3:28 PM
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<<

How do I know what tax bracket I am in, I earnes around 32,000 net this year>>

The only REAL way to know your tax bracket is to compute your total income, less your adjustments to income, less your itemized deductions (or standard deduction), and less your personal exemptions.

THAT will give you your taxable income...the income on which you will pay tax. You then compare your taxable income to the IRS tax rate tables for your specific filing status in order to find your marginal tax rate (commonly known as your "tax bracket").

Simply knowing your "earnings" for any period of time will not help you out in finding out your tax bracket. Some computation is required.

TMF Taxes
Roy



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