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Income Tax Rates 2004

Your income tax rates for 2004 are dependent on a lot of things. The first section you will fill out on federal or state tax forms is your marital status. You are taxed differently if you are single or married or if you file as head of household or as a dependent. Those four things alone will influence your tax rate.

If you are a single male making $35,000 a year your tax rate will be roughly 25% of your income. So at $35000 a year you can expect to pay around $8750 a year in taxes or approximately $700 a pay check. Most employers do not take out the full amount each month- they will take out the minimum federal tax, state tax, any health insurance cost, unemployment and disability, and an occasional other type of tax. Because they do not take out the full amount, you will probably end up owing the IRS money at the end of the year. This is all dependent on what you claim as your tax status.

The tax status holds true regardless of income. (Although the amount you are taxed is dependent upon that also). If you file as "single" your income tax rates for 2004 will be 10% if you make $7000 but will be %35 if you make more than $319,000 plus an additional $92,590 thousand on top of the 35%. So if you are like most Americans, you donate to charitable places when you can to have at tax write off and you invest your money in such a way as to avoid having to pay the full amount in your taxes.

However if you are currently researching your income tax rates for 2004, this might mean you have not paid taxes for that year. In addition to the normal tax rate for you there will be five plus years of penalties and fees accrued. So you might originally owe $200, but after this amount of time has lapsed you may actually owe closer to $5000 depending on the types of fees and penalties you have accrued. It is important to pay taxes on time because of this. If you are owed money by the government because you paid too much into your taxes throughout 2004, you might not get it all back because late fees and penalties will still accrue even if you do not owe any taxes.

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