Personal Finace Question. Taxation

Titanic

New member
Joined
Jan 6, 2019
Messages
1
Look at the Attachment for my problem.

My work

2,000 Hrs worked during the year
x $14 Received per hour
$28,000 yearly income

$4,050 Exemption
+$6,350 Standard Deduction
$10,400 Exemption and Standard Deduction

$28,000 Yearly Income
-$10,400 Exemption and Standard Deduction
$17,600 Taxable Income
x 0.15 Tax Rate Single Bracket
 

Attachments

Jomo

Elite Member
Joined
Dec 30, 2014
Messages
3,281
Look at the Attachment for my problem.

My work

2,000 Hrs worked during the year
x $14 Received per hour
$28,000 yearly income

$4,050 Exemption
+$6,350 Standard Deduction
$10,400 Exemption and Standard Deduction

$28,000 Yearly Income
-$10,400 Exemption and Standard Deduction
$17,600 Taxable Income
x 0.15 Tax Rate Single Bracket
You never asked a question!! Now you do not pay 15% on your $17,600 Taxable income.

You pay 10% on your 1st $9,325 and you pay 15% on the rest, which is $8,275. Add these two products to find how much you owe.

Think about how bad this will be. Your taxable income is $9325 (so you pay 10% on your $9325) and then you get a $1 raise, so now you pay 15% on $9326. NO. You pay 10% on $9325 and then 15% on $1
 
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