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Published byDwayne Anderson Modified over 6 years ago
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How tax is calculated on your Taxable income
Example Your gross income = $126,000 Your deduction = $ 6,000 Taxable income = $120,000 Tax Brackets (individual taxpayer) to $9,225 9,226 to $37,450 37,451 $90,750 90,751 $189,300 189,301 $411,500 411,501 to $413,200 More than $413,200 Applicable to you $9,225 = 9225 = 28225 = 53300 $120,000 = 29250 Tax Rates 10% 15% 25% 28% 33% 35% 39.6% Calculation for Tax within Tax Bracket x 10% x 15% x 25% x 28% Calculated tax bracket 923 Tax (on your taxable income) $ 26,671
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