Questions tagged [tax-brackets]

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How is this TaxSlayer calculation not wrong?

According to an actual TaxSlayer return, a taxable income of $152,585 (on 1040 line 15) comes to a federal tax owed (1040 line 16) of $30,575. I've calculated it many ways, and according to the 2021 ...
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-1 votes
5 answers
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What current tax bracket is used for Roth 401(k)? What happens if it's incorrect?

When contributing to a Roth 401(k), you get taxed on it immediately. But we know that, in general, your company won't know your exact tax rate and brackets; it'll only have an approximation—that's why ...
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1 vote
2 answers
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Capital Gains Taxes for Mutual Funds and Tax Bracket Implications

Assume my taxable income is within the 25% bracket, and my mutual funds have capital gains that year. Additionally, my being in the 25% bracket occurs before the capital gains are accounted for. It ...
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1 vote
2 answers
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Roth IRA and Tax Bracket

As I understand it, after 59.5 years, any Roth IRA withdrawals incur no tax, provided the account is at least 5 years old. Therefore, if my only income after that age were from Roth IRA withdrawals, ...
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15 votes
3 answers
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Are there in-between tax bands in the UK

Are there any in-between tax bands or would my income tax be either 0,20,40 or 45% ? If (in 17/18) I make 44999 a year my tax would be ~9000 but if I make £2 more at 45001 my tax is now ~18000 ?
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17 votes
2 answers
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Employer skipped payments, should I allow them to defer payment until Jan 2017?

Recently my employer failed to pay me for 3 consecutive pay periods. This is being corrected but they do not want to cut a check but instead provide one lump sum along with January's first payment. ...
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  • 175
3 votes
1 answer
235 views

Capital gain tax for selling house just bought?

My wife and i just bought a house but due to new circumstances we may have to sell it less than a month after buying it (we cannot keep it vacant or rent it). The house cost $160K. Say we sell it for ...
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1 answer
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Can someone explain how to calculate the "The Tax Is" column of the U.S. Federal tax brackets?

I know that for U.S. Federal Personal Income Tax, the schedule is progressive, so for a single person filing for $60,000 (in 2011 for this example), the first $34,500 is taxed at 15% and then the rest ...
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3 answers
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If I switch jobs to a lower tax bracket right before I retire, do I save on 401k taxes?

I'm curious about how your withdrawal tax bracket is determined for your 401k Here are the scenarios: A) Let's say I am making $100,000-$200,000 per year for my whole career with a Traditional 401k. ...
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7 votes
2 answers
1k views

Confusion about tax bracket?

So until last year, I was least concerned about tax brackets because I was getting money back every year. However, my wife started working this year and sounds like we do owe some money to uncle SAM ...
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10 votes
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Why is there a tax bracket less than $2000 wide with 35% marginal tax rate in the U.S.?

It seems as if anyone that's getting paid $398,351 – $400,000 would simply lower their salary to the $183,251 – $398,350 tax bracket and get 2% lower income taxes. Does the bracket serve any purpose, ...
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Can large long-term capital gains be offset by not being employed?

If I understand correctly, you pay 0% long-term capital gains tax if you are in the 10% or 15% income tax brackets (i.e. if you make $37,450 or less). If I knew I had to sell my stock that had, say,...
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