u nderstanding t axes. w hat is a t ax ? tax is a financial charge on a taxpayer by the federal and...
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UNDERSTANDING TAXES
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WHAT IS A TAX?
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Tax is a financial charge on a taxpayer by the federal and state governments.
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SO… WHAT THINGS CAN YOU BE TAXED ON?
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Goods and ServicesPersonal or BusinessIncome
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REMEMBER THAT THERE ARE STATE AND FEDERAL
TAXES
They are the ones in charge of collecting tax revenues for the State and Federal governments.
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BUT WHY WOULD THEY TAKE OUR MONEY AWAY?!?!?!
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WHAT ARE THE TAX RATES?Single Taxable Income Tax
$0 – $8,500 10% of taxable income
$8,500 – $34,500 $850 plus 15% of $8,500
$34,500 – $83,600 $4,750 plus 25% of $34,500
$83,600 – $174,400 $17,025 plus 28% of $83,600
$174,400 – $379,150 $42,449 plus 33% of $174,400
$379,150+ $110,016.50 plus 35% of $379,150
Married Taxable Income Tax$0 – $17,000 10% of taxable income$17,000 – $69,000 $1,700 plus 15% of $17,000
$69,000 – $139,350 $9,500 plus 25% of $69,000
$139,350 – $212,300 $27,087.50 plus 28% of $139,350
$212,300 – $379,150 $47,513.50 plus 33% of $212,300
$379,150+ $102,574 plus 35% of $379,150
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SO… HOW MUCH DO I HAVE TO MAKE TO BE REQUIRED TO FILE TAXES?
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YOU MUST FILE TAXES IF YOU EARN THE FOLLOWING AMOUNTS OF INCOME:
Self-employed, any age: $400Children and Teens classified as a dependent: $5,700Single, under 65: $9,350 Single, over 65: $10,750 Married, filing jointly, both spouses under 65: $18,700 Married, filing jointly, one spouse over 65: $19,850 Married, filing jointly, both spouses over 65: $20,900 Married, filing separately, any age: $3,650