To calculate your effective tax rate, find your total tax on your income tax return and divide it by your taxable income. Your effectivetax rateis a good indicator of how well you’ve been managing your tax situation. It’s smart to calculate your effective tax rate each year to help you...
In calculating household income, theU.S. Census Bureauincludes all pre-tax cash income of all individuals age 15 years or older belonging to a household, regardless of whether they are related to each other.1 The Census Bureau reported that the real U.S. median household income was $80,610...
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Calculating the Tax Start with the amount subject to the tax, typically your income for a given period of time. For example, assume the taxable amount refers to an annual income of $27,000. You also need the amount you spend to fulfill the governmental policy. For example, you spend $75...