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#1
11-22-2005, 10:05 AM
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Question about taxes.....
is all of your money taxes at the highest tax bracket 35%, or is only the money over a certain amount $326K subject to the 35% rate.
in short, if line 43 on 1040 2005 is around 550K, what should the tax be. I have my fingers crossed that it is not 550,000(.35) - 19,500 = $173,000 1040 instructions 
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#2
11-22-2005, 10:17 AM
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Re: Question about taxes.....
For each segment of income, you pay a different tax rate. I think this IRS chart will answer your question in detail:
IRS 2005 Tax Schedule I guess this is good news for you. The finger cross worked! -Andrew
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#3
11-22-2005, 10:24 AM
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Re: Question about taxes.....
[ QUOTE ]
For each segment of income, you pay a different tax rate. I think this IRS chart will answer your question in detail: IRS 2005 Tax Schedule I guess this is good news for you. The finger cross worked! -Andrew [/ QUOTE ] So (550,000-326450).35 + 94727.5 = 172970 = 31.44% Man, I was hoping for something better then that.
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#4
11-22-2005, 10:36 AM
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Re: Question about taxes.....
[ QUOTE ]
$173,000 [/ QUOTE ] Kane, I dont know anything about taxes in USA but isnt it possible to have resident status in another country being under their jurisdiction ? 173k is quite a prize to pay for voting right in a country you dont even live in...
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#5
11-22-2005, 10:37 AM
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Re: Question about taxes.....
Yeah, I did not realize that the $19.5k from your original post is an IRS number that already figures in the different levels. You are still looking at $173,000. Sorry.
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#6
11-22-2005, 10:53 AM
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Re: Question about taxes.....
[ QUOTE ]
[ QUOTE ] $173,000 [/ QUOTE ] Kane, I dont know anything about taxes in USA but isnt it possible to have resident status in another country being under their jurisdiction ? 173k is quite a prize to pay for voting right in a country you dont even live in... [/ QUOTE ] anything over $80k is subject to an adjusted tax rate i believe.
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#7
11-22-2005, 10:54 AM
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Re: Question about taxes.....
[ QUOTE ]
[ QUOTE ] $173,000 [/ QUOTE ] Kane, I dont know anything about taxes in USA but isnt it possible to have resident status in another country being under their jurisdiction ? 173k is quite a prize to pay for voting right in a country you dont even live in... [/ QUOTE ] Ive heard in a few places that the United States is the only country that taxes its citizens working abroad. If I file as a Pro I can take an 80k foreign earned income deduction, but will lose the 1/2 SE tax deduction (which would be about a 15K deduction), and can probably expect the IRS to audit me and try to take this deduction away.
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