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View Diary: Do YOU understand how tax brackets work??? (124 comments)

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  •  after being in the 15% bracket for years (4+ / 0-)
    Recommended by:
    Brainwrap, Pluto, googleimage, blue in NC

    i am going to be in the 25% bracket this year for a series of complicated reasons.  I was in tears because I have a hard enough time setting money aside for my taxes as it is, since I also have to pay both halves of the FICA.

    fortunately last April the guy who helps me with my taxes explained to me that only the extra income would be charged at the higher rate.

    So I did not understand this myself until it happened to me.

    But this is such a good explanation that I plan to share it with a lot of people.

    "Politics is like driving. To go backward put it in R. To go forward put it in D."
    Four More Years! How sweet it is!!!

    by TrueBlueMajority on Mon Nov 19, 2012 at 07:03:52 PM PST

    [ Parent ]

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