How would a single person with a taxable income of $15,000.00 per year and a single person with a taxable income of $300,000.00

Question

gogolik [260]

3 years ago

10

How would a single person with a taxable income of $15,000.00 per year and a single person with a taxable income of $300,000.00

per year be treated differently-and similarly-in terms of national taxes?

Business

1 answer:

vova2212 [387] · Answer 1 · 2022-05-19T11:53:22+03:00

Answer:

Would a person earning $15,000 per year and a person earning $300,000 per year be in the same federal tax bracket? ... No, because federal income tax is progressive. If single in 2014, the $15,000 would be in the 15% marginal bracket, the $300,000 would be in the 33% marginal bracket. When would you have to pay a gift tax?

Explanation: