Daniel asked: > Does anyone know what the tax bracket tiers are? Is it broken out by > how much your earn or is it a combination of things (e.g. school > loans, mortgage, charitable contributions)?
Yes. How much you earn is obviously the biggest factor, but that income is adjusted by a number of things. Interest earned on bank and savings accounts, profits from the sale of stock, gambling winnings (heh), and so forth are all added to your W-2 income. Then you deduct things like mortgage interest, charitable contributions, property taxes, IRA contributions, health care expenses, business expenses, etc. The resulting number is your taxable income: the all-important line 43 on your 1040. State and federal taxes are computed based on that number. HTH, Jeff
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