Quote:
Originally Posted by MaDMaN_26
ok, that makes sense... what did the number used to be?
Oh and since the 15% is on the first "Taxable" income then you'd have to be making $46,778.00 or more in order to realize the full $185.89 savings per year with .5% cut. ($37,178.00 + $9,600.00)
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I think it was $8700 (give or take). No, the tax bracket is for the first $37,178. So if you made exactly $37178 in taxable income, you pay ($37178-$9600=$27,578*0.15=)$4,136.70 in taxes.
Under the previous system, you would pay (37178-$8700=$28478*0.155=)$4,414.09
So you would save a total of $277.39