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Your taxable income (the amount you made to apply a tax rate to) is, because of deductions, exemptions, dependents and other considerations, is normally very different (lower) than what you "make". A person who made 20K will have a tax rate of about 15%, however, again EITC and other credits may make this much less. Many, if not most people, especially with any family who make 20K will pay little or no tax and many actually get money back because of the credit features available for low earners.

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Q: What is the tax bracket percentage for a person making 20K a year?
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Whats the tax bracket percentage for a person making 50k a year?

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What is the tax bracket for 125k married filed jointly?

The tax bracket for a couple filing taxes as married filing joint and making $125,000 is 25 percent. This is based on tax year 2014 information.


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Try to compute your tax, that is your basic income times number of months you have stayed with the company less SSS, Philhealth and Pag-ibig remittances times the number of months you used before then subtract your exemptions. Now, you have your taxable income, looked on the tax bracket that correspond to it,anything over the starting bracket needs to be multiplied to the percentage of the bracket plus the amount before the percentage. It is now your income tax for the year. Compare it with the amount of tax deducted in your salary times the number of months it is deducted to you at the start of the year (this corresponds to the tax you have paid for the year). The answer to this less the income tax means either your tax refund/rebate or tax that needs to be paid.


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Related questions

Whats the tax bracket percentage for a person making 50k a year?

350Type your answer here... 350


What is the tax bracket for 125k married filed jointly?

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How do you compute Philippine tax refund?

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