Quote:
Originally Posted by darklord700
It's $200/year and it's very confusing the calculations.
For example in the $50K-$70K bracket, it's 5% on income over $50K and capped at $200.
That means if your income is $54,000 you pay the max levy (4,000X5%=200) in that bracket.
So income between $54,001 - $69,999 or about $16K you pay no levy, is that right?
And this scenario repeats in every bracket. You only pay the levy in the first few Ks and then are exempted.
What kind of system is that?
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From $50K to $70K its = (Taxable income minus $50K) X 5% to a maximum of 200. You reach the max of $200 at $54: (54-50)x.05
$54K to 70K pay $200.