Article View: net.taxes
Article #975Re: Please excuse my tax illiteracy!
From: A.S.Kamlet
Date: Tue, 30 Sep 1986 22:01
Date: Tue, 30 Sep 1986 22:01
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In article <5621@decwrl.DEC.COM> fulford@altos.dec.com (Mike Fulford, MS: UCC, DTN: 544-1313) writes:
>When the media speaks of the "tax rate", do they mean Fed and SS taxes or
>just Fed? I can't figure out if I get a tax break or if I get broken by
>taxes. I will be in the 28% bracket. If it's a Fed only rate, then I get
>a 10% increase. If it's Fed and SS, then I get a 2% decrease? What's the
>story here? They're doing it to us again!
The 28& is the tax you pay on the last dollar of income on your income tax.
It is known as the marginal tax rate, and if your taxable income is above
your limit, you pay 28% on every dollar above the limit. It does not
include SS tax.
--
Art Kamlet AT&T Bell Laboratories Columbus {cbosgd | ihnp4}!cbrma!ask
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Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Path: arc1-ca.pugleaf.net!utzoo!mnetor!seismo!lll-crg!rutgers!caip!clyde!cbatt!cbuxc!cbuxb!cbrma!ask From: ask@cbrma.UUCP (A.S.Kamlet) Newsgroups: net.taxes Subject: Re: Please excuse my tax illiteracy! Message-ID: <5207@cbrma.UUCP> Date: Tue, 30-Sep-86 18:01:59 EDT Article-I.D.: cbrma.5207 Posted: Tue Sep 30 18:01:59 1986 Date-Received: Sat, 4-Oct-86 02:14:23 EDT References: <5621@decwrl.DEC.COM> Reply-To: ask@cbrma.UUCP (A.S.Kamlet(Art)) Organization: AT&T Bell Laboratories Lines: 13