Home     About Us    Contact Us     Contribute     Privacy
Investing
Stocks
Bonds
Mutual Funds
Biz
Credit
Career
College
Economics
Tax
More
 
 
Marketplace
Related Articles
More
Related Definitions
Related Categories
Tip of the Day

Tip of the Day Avoid Fees

Avoid Fees - When using long-term investments as a money-earning vehicle, it is wise to remember that any returns that are made on that money must deduct any fees paid...

read entire tip

Related Podcasts
Recently Added
Other Great Sites
 

Income Tax Table

The income tax tax table allows you to figure out and compute the exact amount of taxes that you are supposed to pay to the IRS. You should also have a tax table for your state as well. You should get the booklet and forms from your state revenue department. You only want to look at this after you have taken all your deductions. The numbers that are listed are based upon the final figure or your adjusted gross income.

The adjusted gross income is computed after adding up your total salary, wages, tips, and dividends. Once you have this figure you would then subtract all standard deductions, and make adjustments for any credits or readjustments from prior year's taxes.

This would be the final number. You then look at the column depending on your marital status and how you intend to file. There are 4 different columns to choose from which are: single, married, married filing separately and head of household. Then you scroll down to find the figure that matches your number and get your tax amount due. You need to then look at your W-2 or documents that indicate what you paid already towards your taxes to determine whether or not you get a refund or you need to make a final payment.

It is that simple. The easiest part is looking at the income tax table to find out the tax amount. The hardest part is determining your adjusted gross income. If you have a business with a lot of expenses you will need to get each expense itemized. Make sure that your receipts align with the figures that you've listed. And you can only use expenses that occurred in the year of the taxes that you are completing. If you didn't take advantage of the taxes from a car purchase you cannot take it the next year. This will be immediately removed from your deductions and added to the amount you owe. Even worse you could pay interest on the incorrect amount.

For those that earned incomes that are larger than the income tax table amount make sure you have the correct form. If you do have the correct form it will tell you the exact formula to compute your taxes.

Discuss It!
Most Popular Articles
Most Popular Definitions
 
Daily Definition

Definition of the Day Quick Ratio

Definition: A ratio that measures a company's ability to meet its current liabilities with its liquid assets. TeenAnalyst Advice: It's important that a company be able to pay their debts and other ...

read entire definition

 
 

 

 

Home     About Us    Contact Us     Contribute     Sitemap

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Copyright © 2009 TeenAnalyst.com