Details Of 2010 Federal Income Taxes: Difference between revisions

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Latest revision as of 09:47, 18 September 2024

One more week until Tax Night out. Have you filed yours yet? I haven't (probably should get on that, actually), any time I read in USA Today that roughly 47% of Americans won't even have to worry about paying federal income taxes, I start to wonder if I would even bother. Oh sure, there's the threat of prison time for tax evasion, but really, what is the point if half the damn country isn't going to up and leave scot-free?

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My finances would be $117,589 adjusted gross income, itemized deductions of $19,349 and exemptions of $14,600, making my total taxable income $83,640. My total tax is $13,269, I have credits of $3099 making my total tax in 2010 $10,170. My increase for that 10-year plan would go to $18,357. For that class warfare that the politicians like to use, I compare my finances into the median figures. The median earner pays taxes of a.9% of their wages for the married example and 6th.3% for the single example. I pay 9.7% for my married income, which 5.8% close to the median example. For the 10 year plan those number would change to five.2% for the married example, 11.4% for that single example, and 20.6% for me.

This provides us a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us an entire taxable income of $76,952.

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