Well, I'm not sure where you define wealthy...but the upper 50% of the wage earners pay @97% of all tax collections, and the lower ones only @3%. The upper of the upper pay a disproportionate share of that too, the Top 1% of earners = 37% of taxes paid, the next bracket 2-5% accounts for another 20%. So about 57% paid by the top 5%. Especially as this is for Personal Income Tax only, and many of the more wealthy have much of the income taxed (some would say double taxed) by in the Corporate returns of those corporations they control/own.
Also, this is of those filing returns. The percentage of people whose income is, because of deductions/exemptions below where they have to file returns, and with things like Earned Income tax credits, actually get more back than they might pay, is huge...something like 40% of the populace. And of course, the lower earners pay at much reduced rate anyway.
Some quick statistics: The top 1% of earners pay 21.20% of all taxes paid at an average rate of 24%, the top 2 - 5% of earners pay 14.55% of all taxes at an average of 18% (Top 5% pay @36% of all tax) The bottom 50% pay 3% of all tax collected at an average rate of 2.98%.
See link for full discussion, and chart that holds format.
Number of Returns with Positive AGI AGI ($ millions) Income Taxes Paid ($ millions) Group's Share of Total AGI Group's Share of Income Taxes Income Split Point Average Tax Rate All Taxpayers 130,371,156 $6,875,123 $831,890 100.00% 100.00% - 12.10% Top 1% 1,303,712 $1,306,417 $306,902 19.00% 36.89% > $328,049 23.49% Top 2-5% 5,214,846 $993,178 $168,322 14.45% 20.23% 16.95% Top 5% 6,518,558 $2,299,595 $475,224 33.45% 57.13% > $137,056 20.67% Top 6-10% 6,518,558 $749,680 $92,049 10.90% 11.07% 12.28% Top 10% 13,037,116 $3,049,275 $567,273 44.35% 68.19% > $99,112 18.60% Top 11-25% 19,555,673 $1,497,126 $138,642 21.78% 16.67% 9.26% Top 25% 32,592,789 $4,546,401 $705,915 66.13% 84.86% > $60,041 15.53% Top 26-50% 32,592,789 $1,406,380 $98,556 20.46% 11.85% 7.01% Top 50% 65,185,578 $5,952,781 $804,471 86.58% 96.70% > $30,122 13.51% Bottom 50% 65,185,578 922,342 27,419 13.42% 3.30% > $30,122 2.97%
See the Related Links for "http://www.taxfoundation.org/taxdata/show/250.html" to the bottom for the answer.
The insurance company surrender charge is not deductible. Nor is the 10% federal penalty.
The percentage paid to unsecured creditors in a Ch 13 is determined by your disposable income. Secured creditors get paid at 100%, house and car payments remain the same. What's left over gets paid out to those unsecured creditors who file proofs of claim. If a creditor does not file a claim, then that creditor does not get paid.
State & Federal income taxes on $11,000 in the year the distribution was taken.
Certain mortgage interest paid on a primary residence, meeting some other qualifications, is deductible against ordinary income - as an itemized deduction, if that is what you mean.
The earned interest will be taxed the year they mature whether you cash them in or not
These numbers are for Federal Income Tax for 2008.The top 50% paid 97.3% of all Federal Income taxes collected.The top 10% paid 69.9%The top 5% paid 58.7%The top 1% paid 38.2%The bottom 50% of income earners only paid 2.7% of the total Federal Income tax in 2008
30%
Income tax for a marine biologist is paid the way other taxes are paid in the United States. A percentage of income is paid to both state and Federal internal revenues.
43.6
What was the highest percentage income tax being paid in 1918
No. Your gross income is reported on your federal 1040 income tax return. The federal garnish amount that was paid would not be a deduction from your gross income on your income tax return.
How much federal income tax is paid on $9600.00
As income increases the percentage of that paid as tax progressively increases. If it was a "flat tax" instead, the percentage paid would be constant regardless of income.
Federal taxes paid or payable, (even if paid in the current year), aren't deductible in calculating your federal taxable income. State income tax payments may be deductible in determining your federal tax taxable income. And refunds received of a prior years State income tax may therefore be included in the current years federal taxable income.
Federal Income Tax
Not on the IRS federal 1040 income tax form.
Federal income tax is a direct tax on income and not an indirect tax. Direct taxes are paid directly to the government.