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01-28-2007, 03:13 PM
 Junior Member Join Date: Jan 2007 Posts: 14
What is the highest margin taxes for individuals?

My joint income may exceed \$250,000, what would my tax rate be if my mortgage interest and taxes, are \$43,000?

I dont have to pay state taxes in Florida.

Tks again for taking my question.

01-29-2007, 04:47 PM
 Tax Guru Join Date: Jan 2007 Location: New Jersey, USA Posts: 2,413 Blog Entries: 3
The IRS tax laws are based on a graduated tax rate, and not a flat tax, hence
your tax rate is calculated based on the table below;

From the information you have provided, clearly it seems that your taxable income appears to be approximately \$200,000. Assuming no pension plans contributions are made, then the following appears your tax liability;

=\$42,170 + (200,000-188,450) x 33%
=\$42,170 + (11,550) x 33%
=\$42,170 +3,812
=\$45,982

TABLE FOR JOINTLY FILED TAX RETURN:

\$0 to \$15,100 10% of the amount over \$0

\$15,100 to \$61,300 \$1,510.00 plus 15% of the amount over 15,100

\$61,300 to \$123,700 \$8,440.00 plus 25% of the amount over 61,300

\$123,700 to \$188,450 \$24,040.00 plus 28% of the amount over 123,700

\$188,450 to \$336,550 \$42,170.00 plus 33% of the amount over 188,450

\$336,550 no limit \$91,043.00 plus 35% of the amount over 336,550!

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