Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: Weimdog
the top 10 percent (adjusted gross income over $92,114)

I believe that figure refers to the income of an individual, not necessarily a household.

9 posted on 01/07/2003 3:40:43 PM PST by Petronski (I'm not always cranky.)
[ Post Reply | Private Reply | To 1 | View Replies ]


To: Petronski
NO, that is the figure for a couple filing a joint return.
29 posted on 01/07/2003 4:13:14 PM PST by Eva
[ Post Reply | Private Reply | To 9 | View Replies ]

To: Petronski
I believe that figure refers to the income of an individual, not necessarily a household.

A married couple generally files jointly. The individual incomes are summed to get the top tax bracket. If the sum is over $92K, you get a joint taxation in the top 10% bracket.

The real pain of the marriage penalty happens as you do your taxes. I set my W4 as "0 exemptions, married but withold at the higher single rate". When I put my W2 data into TurboTax, there is a huge refund due. Next, I put my wife's W2 data into TurboTax. At that point there is a huge amount due to the IRS. In past years, the itemization of home mortgage interest and state taxes has shaved off a significant portion of the amount due the IRS, but rarely is it less than $1,000. The nitwits in the payroll office where my wife works can never get the witholding right. If they did, she would probably realize how bad it sucks to bring home a paycheck with $25K annual gross that is taxed in the $150K tax brackets. That's the joy of supporting the socialist government.

112 posted on 01/01/2004 9:26:42 PM PST by Myrddin
[ Post Reply | Private Reply | To 9 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson