 Am I responsible for taxes? |
| I currently work as a nanny. When I started, my boss said she was going to meet with a tax professional and take taxes out of my paycheck each week. I've been working for her for four months and ... |
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 Do single parents get enough help? |
| I am a single parent and I currently live off next to nothing... Now before loads of you turn your nose up and start the "living on benefits" bashing let me finish. Too many people are too ... |
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| Economy stimulus deposit? |
My social ends in 01 and my tax refund went in my account direct deposit and i qualify for a stimulus payment. Why haven't i recieved it?
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I haven't received ... |
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 My husband and I live in Oklahoma. We are separating and I was wondering about our income tax refund this year? |
| He is the one who works, when he files his taxes and gets his refund does he have to give me part of the refund? We will still be married just separated. We plan on getting divorced in a few months.... |
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 I heard the IRS is a fraud, do you think so? |
i heard that is not against the law to not pay your taxes, however the catch is, you would never be able to borrow anything like a mortgage...what do u think?
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 I friend of my check irs.gov and it said that a check in the amount of $600.00 is scheduled to be mailed? |
on april 4th.Could he be getting his rebate already?By the way its says filing period december 2006.
Additional Details
I just spoke to my friend .He called the irs and they told him ... |
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 How do you calculate sales tax in your head? |
| i know how to do it on a calculator but whats an easy, accurate way to do it quickly in your head? Sales tax here is 6%. Thanks!... |
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 Do I have to pay taxes? |
| I am 17 years old and just started working (paid min. wage) and I turn 18 in October. My mom claims me on her taxes. So do I have to pay taxes too?... |
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 My paycheck is being garnished $305.00 per mt, I.R.S $495MT child support.$250.00pmt.? |
| I am overwhelmed I only make $2400.00 per month. I can not even afford to buy my child cloths for school. I have tried to deal with the I.R.S. and Ca shesta and San Bernardino chils support officals ... |
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 How are you going to spend your $800 federal tax rebate? |
| Now that the federal government has announced plans to give back $800 to the people (which they should do all the time! What do all those rich people need that money for!?!?! It is our rights as ... |
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 Is Inheritance tax immoral ? |
| We work most of our lives and pay tax on our earnings, we spend most of our income and pay tax on what we buy, if we have a little over we put it away for our old age and the interest gets taxed,then ... |
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 My ex-boyfriend claimed our son his taxes...? |
| & our child support order wasn't in place until June 1st. He didn't live with us for a majority of 2007. I told him he COULD NOT claim our son as he is a "non-custodial" ... |
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 How do you turn someone in for not reporting income to the IRS? |
I know someone in sales that doesnt and hasnt reported thousands of dollars in sales/commission. How can I nail her?
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i know its kind of shady but I'm just info ... |
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 HYPOTHETICALLY SPEAKING, if in the upcoming tax season what if the IRS finds that? |
| a significant number of say, Utah residents were gifted significant cash gifts from the LDS church that say, were similar in amount to what they coincidental contributed to say, some political ... |
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 I owe a small amount of money to the IRS. How do I find out where I need to send it.? |
| After I completed my taxes I owed something like $12 federal. Where do I send this???... |
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 Is there a law requiring us to pay taxes? |
Not a amendment, A LAW.
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What is the law and where is it?... |
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Brad | Do rich people REALLY pay more taxes??? |
My friend and I were having a discussion about pro athletes and he wondered what the point of huge contracts were if they were paying so much on taxes. Now granted, when it comes to the $$$ amount, rich people pay more by far, but my friend thinks that the rich pay a 50-60% tax rate. I said I highly doubted that, otherwise, what would the point be of being rich??? I have heard many times that the rate goes down after the $100K- $250K mark. So who is right??? |
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NGC6205
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You are both right and you are both wrong.
The rich do pay more in taxes. The progressive tax scale, where higher income pays a higher percentage, causes a portion of this to happen. However, the highest end of the scale is at 35%. Also, not all of a person's income is taxed at the higher rate.
The first $7,825 of taxable income is taxed at 10%
from $7,826 to $31,850 is taxed at 15%
from $31,851 to $77,100 is taxed at 25%
from $77,101 to $160,850 is taxed at 28%
from $160,851 to $349,700 is taxed at 33% and
anything over $349,701 is taxed at 35%.
Also, an individual's entire income less deductions is subject to federal income taxes. It does not stop at some predetermined amount. Social Security taxes (FICA) that gets taken out of your paycheck, does stop at a predetermined amount. For 2007, I believe that amount is somewhere around $94,000 in gross income.
However, because the rich have more to spend and invest, they usually have a larger amount of money that is deductible, so the overall percentage of their income that is taxed may vary. Investments can also affect the tax rate of high incomes. Long-term capital gains (gains on investments held for more than one-year) are usually taxed at the capital gains rate of 15%.
That being said, according to the latest data from the IRS, individuals earning in the top 1% of all earners paid an average tax rate of 23.49% of their income. Lower incomes paid far, far less.
http://www.taxfoundation.org/taxdata/show/250.html |
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bostonianinmo
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Yes, the wealthy pay the lion's share of all income taxes. No question about that.
The highest Federal tax rate is 35%. Nobody pays more than that. So you get to keep 65¢ of every dollar, worst case. As long as the tax rate is less than 100% you'll always be better off with more money. State taxes do add to that but the highest are 10% or so and most are much less than that.
Pro athletes and to get screwed in one way that most taxpayers never have to worry about. When they travel on the road they have to pay state taxes on the money they earn in the states where they play. That does complicate things significantly for them. Many actors and other entertainers have the same thing to deal with. |
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Eugene K
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There are two kinds of rich people.
People like pro athletes, Hollywood actors etc. and some professionals (highest-paid surgeons, lawyers) pay close to 35% income tax on whatever they make.You need to make 350k per family to get into 35% tax bracket. On top of that, they pay state income tax (up to 10.3% in California), Social Security / Medicare (most likely 2.9%).
There's also the "other" kind of rich people - owners of successful businesses, investors - these generally use all kinds of tricks to minimize their taxes. Two basic methods are minimizing taxable income and maximizing fraction of income that comes from capital gains.
For example, a company owner might buy himself a car with company money and write it off as a business expense. So instead of paying $50,000 for a BMW from his after-tax salary, his company pays for it with pre-tax money.
Rich people (of the second kind) make a lot of money in the form of long-term capital gains (real estate, stocks). These gains are taxed at 15% at the federal level, and you don't have to pay state tax or medicare/social security on them. |
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YES, I use correct grammar!
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Yeah. The more money (including assets) you have, the more you pay in taxes. |
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The Beast
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the rate doesn't go down. at a certain point, it hits the "high" mark (35 or 36 percent...something like that...you have to earn a lot to get that high), and then stays at that percentage regardless of how much higher earnings go. it does say that the more money you make, the more percentage you pay until you hit this mark. seems a bit odd to me. tax people who earn more money with a higher percentage? i'm not in that category, but i still don't think it's fair.
the other thing is that many wealthy people earn their money on capital gains instead of direct income. the tax rate for capital gains is much lower than the income tax rate, so they will end up with 15% tax instead of 35% tax. if you earn enough money, you can afford to pay a good tax person to help you out. one day i hope to get that far. |
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Mr. G.
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You are correct and your friend is wrong. The top tax rate is now 35 percent. Rich people do pay more in taxes overall for sho! Imagine the property taxes on some of the mansions they live in!! |
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yruaskinme
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in general, your friend is right. the tax systems in north america are generally known as being "progressive", meaning the higher your income, the higher your personal tax rate (i.e. as a percentage of income). for example, if you make $40K, you may pay income taxes at approximately 20% of your income. however, if you make a million dollars, you may pay income taxes at approximately 35% of your income.
having said that, there are legitimate tax planning strategies that high income earners can employ to reduce the amount of taxes they ultimately pay. best to consult with a tax attorney or accountant to find the best strategies that are suitable for your personal needs. |
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Judy1
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The rate goes up until it hits 35% for federal - that's the top federal rate at this time, and once you hit that, all income higher is taxed at that rate, it doesn't go down if you make over a certain amount.
State and local taxes add to that - and for employees, social security and medicare. |
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urguy71
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well they own more they buy more so yea they pay more taxes you have to pay taxes on ever thing you have and get |
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Dani
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This is why the very rich have very powerful tax lawyers who know exactly how to find legal loop holes so they don't have to pay those big taxes. |
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I don't Know it can be possible |
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