|
TAX TABLE
|
|
Taxable Income Between
|
Pay
|
Plus
|
On Amounts Over
|
| $0 - |
2,000 |
0.00 |
0.00% |
0 |
| 2,001 - |
5,001 |
0.00 |
2.20% |
2,000 |
| 5,001 - |
10,001 |
66.00 |
3.90% |
5,000 |
| 10,001 - |
20,001 |
261.00 |
4.80% |
10,000 |
| 20,001 - |
25,001 |
741.00 |
5.20% |
20,000 |
| 25,001 - |
60,001 |
1,041.00 |
5.55% |
25,000 |
| 60,001 - |
over |
2,943.50 |
6.60% |
60,000 |
|
|
EXAMPLE OF GROSS TAX LIABILITY CALCULATION:
|
If your Estimated Taxable Income, (Line 8) is $12,000:
PAY: $261.00 + {(12,000 - 10,000) x 0.048}
= $261.00 + (2,000 x 0.048)
= $261.00 + 96.00
= $357.00
|
|