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Old 01-28-2007, 03:13 PM
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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.



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Old 01-29-2007, 04:47 PM
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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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