Can anyone tell me what the average tax increase will be in 2013 for each salary range?
TaxConnections Members... Answer This Question
Want To be One of Our Tax Experts? Register Here
Tax Professional Answers
Debbie Tolbert
There are several changes that will make a difference in the tax increase. The first is the payroll tax increase from 4.2% to 6.2%. The next is the difference in the brackets. These are just a few examples.
Annual income: $20,000 to $30,000 Average tax increase: $297
Annual income: $30,000 to $40,000 Average tax increase: $445
Annual income: $40,000 to $50,000 Average tax increase: $579
Annual income: $50,000 to $75,000 Average tax increase: $822
Annual income: $75,000 to $100,000 Average tax increase: $1,206
Annual income: $100,000 to $200,000 Average tax increase: $1,784
Annual income: $200,000 to $500,000 Average tax increase: $2,711
Annual income: $500,000 to $1 million Average tax increase: $14,812
Annual income: More than $1 million Average tax increase: $170,341
Leave a Comment
590 weeks ago
Annual income: $20,000 to $30,000 Average tax increase: $297
Annual income: $30,000 to $40,000 Average tax increase: $445
Annual income: $40,000 to $50,000 Average tax increase: $579
Annual income: $50,000 to $75,000 Average tax increase: $822
Annual income: $75,000 to $100,000 Average tax increase: $1,206
Annual income: $100,000 to $200,000 Average tax increase: $1,784
Annual income: $200,000 to $500,000 Average tax increase: $2,711
Annual income: $500,000 to $1 million Average tax increase: $14,812
Annual income: More than $1 million Average tax increase: $170,341