Where Can I Find Federal Income Tax Rates?
The U.S. Tax Code can be extremely complicated. There are six tax rate brackets and four filing statuses.
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Where To Find Tax Rates
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The federal tax computation worksheet can be found on page 276 of IRS Publication 17 (Your Federal Income Tax Return--Individuals). The tax-rate schedules can be found on page 101 in the IRS Form 1040 Instructions.
Filing Status
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The filing status determines the amount of taxes that must be paid and which schedule must be used. Single people must use Schedule X, married people must use Schedule Y-1 (jointly) or Y-2 (separately) and heads of household must use Schedule Z.
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Tax Brackets
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There are six tax percentage brackets--10 percent, 15 percent, 25 percent, 28 percent, 33 percent and 35 percent. People who make less the $100,000 must use the tax tables (not the tax schedules).
Considerations
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Taxes are figured after all deductions and exemptions are subtracted from the gross income. Credits are subtracted dollar-for-dollar from the resulting taxes. It is possible to get back more money than you paid in taxes.
Taxes on $1 Million
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A single person who makes $1 million after all deductions will pay $327,683.50 in taxes; a married couple filing jointly will pay $320,362.00 ($160,181 filing separately) on the same amount; heads of households will pay $324,360 in taxes on the same amount. The effective tax rates are around 32 percent.
Other Taxes
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State and local income taxes may also be applicable.
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