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Planning 2016 Taxes: New Income Levels for Tax Brackets
Planning 2016 Taxes: New Income Levels for Tax Brackets Here is a quick look at 2016 tax rates and their associated income levels. Using your past tax information, you can plan for your tax obligation next year starting now. Don’t forget that tax payers in the higher income levels are also subject to an additional .9% Medicare Tax introduced to help pay for the Affordable Care Act. This will impact those with incomes over: $200,000 Single filing $250,000 Married filing joint 2016 TAX RATES & RELATED INCOME LEVELS Action Steps Review your Adjusted Gross Income and use the chart above
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Is Being Effective Better Than Being Marginal? – Understanding the difference
What is the difference between a Marginal Tax Rate and an Effective Tax rate? Who cares? You might if you add a second job and see some of your tax benefits disappear. Here is what you need to know. The tax code is filled with terms we rarely use in everyday conversation. Two of the more common are Marginal Tax Rates and Effective Tax Rates. Knowing what they mean can help you think differently about your potential tax obligation. Definition Marginal Tax Rate: This is the tax rate applied to the “next” dollar you earn. Since our income tax rates
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