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<blockquote data-quote="satellitedriver" data-source="post: 259332" data-attributes="member: 1664"><p>23% is a unfair tax amount. Our tax rate is a sliding scale. The less you make the less percentage you pay. </p><p>12.4% tax is roughly the amount of federal income tax I will pay in 2008.</p><p></p><p></p><p>If taxable income is over-- But not over-- The tax is: </p><p>$0 $15,650 10% of the amount over $0 </p><p>$15,650 $63,700 $1,565.00 plus 15% of the amount over 15,650 </p><p>$63,700 $128,500 $8,772.50 plus 25% of the amount over 63,700 </p><p>$128,500 $195,850 $24,972.50 plus 28% of the amount over 128,500 </p><p>$195,850 $349,700 $43,830.50 plus 33% of the amount over 195,850 </p><p>$349,700 no limit $94,601.00 plus 35% of the amount over 349,700 </p><p></p><p> </p><p>My 2007 estimated federal income tax liability will be approximately $14,223.</p><p>My average tax rate is 12.4% and my marginal tax rate is 25.0%.</p><p></p><p> </p><p> Estimated Tax Analysis </p><p> Gross income</p><p> $115,000.</p><p> </p><p> - Qualified plan contributions (401k)</p><p> $12,000.</p><p> </p><p> = Adjusted gross income</p><p> $103,000 </p><p> </p><p> - Standard/Itemized deductions</p><p> $10,700 </p><p> </p><p> - Personal exemptions</p><p> $6,800 </p><p> </p><p> = Taxable income</p><p> $85,500 </p><p> </p><p> Tax liability before credits</p><p> $14,223 </p><p> </p><p> - Child tax credits</p><p> $0 </p><p> </p><p> = Estimated tax liability</p><p> $14,223 </p><p></p><p>This is by filing on a simple 1040 form.</p><p>If I file under the long form (which I will) my taxable income will be less.</p><p>12.4% versus 23% tax, sounds fair to me.</p><p>So, please explain to me why I (and you) must pay a higher tax rate to be fair?</p><p>PAX</p></blockquote><p></p>
[QUOTE="satellitedriver, post: 259332, member: 1664"] 23% is a unfair tax amount. Our tax rate is a sliding scale. The less you make the less percentage you pay. 12.4% tax is roughly the amount of federal income tax I will pay in 2008. If taxable income is over-- But not over-- The tax is: $0 $15,650 10% of the amount over $0 $15,650 $63,700 $1,565.00 plus 15% of the amount over 15,650 $63,700 $128,500 $8,772.50 plus 25% of the amount over 63,700 $128,500 $195,850 $24,972.50 plus 28% of the amount over 128,500 $195,850 $349,700 $43,830.50 plus 33% of the amount over 195,850 $349,700 no limit $94,601.00 plus 35% of the amount over 349,700 My 2007 estimated federal income tax liability will be approximately $14,223. My average tax rate is 12.4% and my marginal tax rate is 25.0%. Estimated Tax Analysis Gross income $115,000. - Qualified plan contributions (401k) $12,000. = Adjusted gross income $103,000 - Standard/Itemized deductions $10,700 - Personal exemptions $6,800 = Taxable income $85,500 Tax liability before credits $14,223 - Child tax credits $0 = Estimated tax liability $14,223 This is by filing on a simple 1040 form. If I file under the long form (which I will) my taxable income will be less. 12.4% versus 23% tax, sounds fair to me. So, please explain to me why I (and you) must pay a higher tax rate to be fair? PAX [/QUOTE]
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