As that question suggests, many people believe that their top marginal rate reflects the percentage they'll pay on their entire income. In other words, a single taxpayer with $100,000 in annual income might mistakenly believe that her top marginal rate of 24% applies to every dollar she earns.
But that's not how tax brackets work. Instead, she'll pay 10% on her first $9,700 of income, then 12% on income over $9,700; 22% on income above $39,470; and 24% on the portion of her income above $84,200.
Check out this next:
TurboTax Is Still Tricking Customers With Tax Prep Ads That Misuse the Word "Free" — ProPublica
On Dec. 30, the IRS announced it was revamping a long-standing agreement with the online tax preparation industry in which companies offer free filing to people with incomes below certain levels, a category that includes 70% of filers. The change in what's known as the Free File program came in the wake of multiple ProPublica articles that revealed how the companies in the program steered customers eligible for free filing to their paid offerings.
So far, it seems, the companies are abiding by their promise to make their Free File webpages visible in online searches. But the updated agreement appears to have a loophole: It doesn't apply to advertising. Nothing in it, the agreement states, "limits or changes the rights" of participating companies to advertise "as if they were not participating in the Free File program."
Sex and taxes: A Seattle tax preparer is intimate with both - Reuters
St. Kitts is one of the few U.S. tax preparers who specialize in helping people report income from sex work, a sprawling industry that straddles the above-board and underground economies.
As this year’s April 15 tax filing deadline nears, the Seattle woman expects to prepare the returns of 100 to 150 sex workers, many of whom harbor fears that reporting illicit income might get them into trouble.
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“Regardless of what you do — if you’re in business for yourself, especially — you need to follow tax laws,” she said.
Bill to restrict Alabama city occupational taxes advances - al.com
A bill to require cities to get approval from the Legislature before passing new occupational taxes or license taxes moved a step closer to passing today despite opposition from the mayors of the state's 10 largest cities.
The Senate Governmental Affairs Committee on an 8-2 vote approved the bill by Rep. Chris Sells, R-Evergreen. Sells' bill has already passed the House. Today's committee vote puts it in line for consideration by the Senate.
Not to change the topic here:
Will I Owe State Taxes On My Social Security?
Good news for many retirees the majority of states will not be taxing your Social Security benefits. ... [+]
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Where you choose to retire will determine if you owe taxes on your Social Security benefits at the ... [+] state level.
In alphabetical order, Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina South Dakota, Tennessee, Texas, Virginia, Washington, Wisconsin, Wyoming.
N.J. taxes need to be raised big-time, progressive groups tell Murphy and other top Dems - nj.com
Two years removed from "failed economic policies of Chris Christie ," New Jersey's progressive advocates said Tuesday that the state's Democratic leaders still haven't done enough to turn the page for residents still struggling to get by.
At a news conference outside the Statehouse in Trenton, groups representing education, environment, transit, low-income working family and immigration interests pushed tax policies that go beyond anything proposed by Gov. Phil Murphy , their progressive ally, including overhauling income tax brackets, restoring the estate tax and expanding services subject to sales taxes.
In soda tax fight, experts hear echoes of tobacco battles – Harvard Gazette
Harvard Law School Professor Emily Broad Lieb (from left), Chan School Professor Steven Gortmacher, and Carmel Shachar, executive director of the Petrie-Flom Center look at a tax on sugary drinks to help fight obesity.
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Amid rising rates of diabetes and obesity in the nation, Berkeley, Calif., became the first American city to institute a sugary-drink tax, generally referred to as a soda tax, in 2015.
Since then a handful of jurisdictions, such as Philadelphia, Seattle, and Boulder, Colo., have passed similar measures. Other proposals have failed at the ballot box or been rescinded. New York proposed a rule capping portion sizes in 2012, which was successfully challenged in state court.
Property taxes in Nebraska could go down soon
NEBRASKA (KTIV) - Property taxes in Nebraska could soon go down, but some school districts say that reduction could mean major consequences for students.
The state senator who introduced the legislation said schools shouldn't be concerned. The bill will be discussed on the unicameral floor this week.
It was introduced by State Senator Lou Ann Linehan of Elkhorn, Nebraska. The bill is the legislature's leading property tax proposal. Linehan said the bill will pick up a larger share of the cost of the K-12 public education.
Happening on Twitter
Democrats are talking about RAISING taxes to pay for their broken promises. We need REAL leadership and REAL resu… https://t.co/78F2Eg5Cpe Lancegooden (from Terrell, TX) Tue Feb 18 23:34:35 +0000 2020
NEW REPORT: @Amazon CEO @JeffBezos just spent a stunning $165 MILLION for his Beverly Hills mansion. With that sum… https://t.co/SJce2b1l5R UFCW (from Washington, DC) Tue Feb 18 14:19:20 +0000 2020
While President Trump & I are working on delivering another round of tax cuts for middle-class families, Democrats… https://t.co/yE3LMBtaOE ThomTillis (from Huntersville, North Carolina) Tue Feb 18 20:56:28 +0000 2020
Why doesn't Jeff Bezos pay more tax instead of launching a $10bn green fund? | Stefan Stern https://t.co/WBpFcaqaQb GuardianAus (from Australia) Tue Feb 18 21:36:07 +0000 2020
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