Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: JABoa Big gold star, 5000 posts Feste Award Nominee! Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124979  
Subject: Re: income tax rates Date: 10/20/1999 4:11 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Go to that link you provided and look at the link there that says Tax Rate Schedules. They provide what you want. They'll be a few bucks off for those with taxable income of $100,000 or less, but you don't care.

There are three things to remember:
1) These are taxes on your taxable income, which is net of your personal exemptions and deductions. For a single filer in 1998, who took the standard deduction, that was $6950.
2) They omit Social Security and Medicare taxes, which are going to be 7.65% straight off the top of the first $76,200[*] of your income earned from wages, and 1.45% of all the rest of your income earned from wages.
3) State taxes vary all over the place but are roughly 5% of your income in California, New York, and Massachusetts.

[*]Could be wrong -- it was $72,600 in 1998.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.