HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Chrysler factory workers ... » Reply #5

Response to msongs (Reply #2)

Fri Nov 30, 2012, 02:08 PM

5. 35% is the highest tax rate

There is a $73.08 withholding allowance per exemption that is deducted from the wages before taxes are determined. A single worker would have a maximum of $1676.92 of taxable income putting them at the 25% tax bracket.

Their maximum tax would be:
(Zero $00.00 tax on amount below $41
(10%) $ 16.80 tax on amount over $41 - and below $209
(15%) $ 76.80 tax on amount over $209 - and below $721
(25%) $238.98 tax on amount over $721 - and below $1,688
Total tax -- $332.58 (If math is right)

A married worker would have a maximum of $1603.84 of taxable income putting them at the 25% tax bracket.

Their maximum tax would be:
(Zero $00.00 tax on amount below $156
(10%) $ 33.40 tax on amount over $156 - and below $490
(15%) $ 153.75 tax on amount over $490 - and below $1515
(25%) $ 22.21 tax on amount over $1515 - and below $2900
Total tax -- $209.36 (If math is right)


SOURCE USED: IRS 2012 Publication 15

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 14 replies Author Time Post
Bozita Nov 2012 OP
closeupready Nov 2012 #1
rhett o rick Nov 2012 #11
closeupready Dec 2012 #14
msongs Nov 2012 #2
closeupready Nov 2012 #3
LineLineNew Reply 35% is the highest tax rate
LiberalFighter Nov 2012 #5
Indykatie Nov 2012 #7
Randomthought Nov 2012 #9
LiberalFighter Dec 2012 #13
LiberalFighter Nov 2012 #6
sarcasmo Nov 2012 #4
ProfessorGAC Nov 2012 #8
JNelson6563 Nov 2012 #10
Iggy Nov 2012 #12
Please login to view edit histories.