slvemike4u
Posts: 17896
Joined: 1/15/2008
From: United States
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quote:
ORIGINAL: Elisabella
quote:
ORIGINAL: slvemike4u
Well seeing as I obviously beleive my "b"to be correct(or else I wouldn't have written it)it would seem you would need to show me my error.Care to do that?
$5700 deduction + $3650 exemption = $9350
Which means that an individual making 10k would have $650 worth of taxable income, taxed at 10%, meaning he would pay $65 in federal income tax.
And I swear to God if you say anything even resembling "yeah I might have said they pay no tax but they pay little tax so I'm close enough" I will scream in rage.
Explanation is below:
An individual pays tax at a given bracket only for each dollar within that bracket's range. For example, a single taxpayer who earned $10,000 in 2009 would be taxed 10% of each dollar earned from the 1st dollar to the 8,350th dollar (10% × $8,350 = $835.00), then 15% of each dollar earned from the 8,351th dollar to the 10,000th dollar (15% × $1,650 = $247.50), for a total of $1,082.50. Notice this amount ($1,082.50) is lower than if the individual had been taxed at 15% on the full $10,000 (for a tax of $1,500). This is because the individual's marginal rate (the percentage tax on the last dollar earned, here 15%) has no effect on the income taxed at a lower bracket (here the first $8,350 of income taxed at 10%). This ensures that every rise in a person's pre-tax salary results in an increase of his after-tax salary.
However, taxpayers are not taxed on every dollar they make. For 2009, single and married filing separate taxpayers are allowed a standard deduction of $5,700. Married filing jointly and surviving widow(er)s are allowed $11,340 and head of household taxpayers are allowed $8,350. Taxpayers over 65 or blind are given an additional $1,100 standard deduction ($2,200 if over 65 and blind). A taxpayer may choose to take the standard deduction or they may itemize their deductions if the amount of itemized deductions is greater than the standard deduction.
Taxpayers are also allowed a personal exemption depending on their filing status. The personal exemption amount in 2009 is $3,650 per person.
Now what in my posting history suggests to you that I would claim such a thing.....although seeing how you would express that "scream in rage" through this medium might just be worth such a childish tactic....
But allow me to say this instead....anyone paying the Fed dollar one in taxes while making 10,000 dollars a year needs to learn how to fill out the forms(or find someone competant to do so for him)because there must be some additional deductions legally available to this citizen....and net result of having the form filled out correctly and utilizing all of his alloted deductions would most certainly be a tax return check equalling more than the tax deducted!
< Message edited by slvemike4u -- 3/26/2010 7:13:10 PM >
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If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"
Forget Guns-----Ban the pools
Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4
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