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The Example:
John is 44, married, has two children and earned a gross salary of $100,000 in 2007. He contributes the maximum $15,500/year to his employer’s 401(k) retirement plan, pays $1,800/year for his employer’s family health plan, and $500/year to his employer’s Flexfund medical expense plan. All of the plans are allowed pre-tax contributions.
Gross pay = $100,000
W-2 wages = $100,000 - $15,500 - $1,800 - $500 = $82,200
John’s and his wife’s other income is; $12,000 from John’s wife’s wages (she also got a W-2 but had no pre-tax contributions), $200 interest from a bank account, $150 state tax refund,
Total Income = $82,200 + $12,000 + $200 + $150 = $94,550.
John’s employer reassigned John to a new office and his moving expenses were $8,000, of which $2,000 was not reimbursed by his employer.
Adjusted Gross Income = $94,550 - $2,000 = $92,550.
John’s Itemized Deductions were $22,300 (he had some big mortgage interest, property taxes, and state income tax withheld).
John had four personal exemptions--himself, his wife and two children. His total personal exemptions were 4 x $3,400 = $13,600.
Taxable Income = $92,550 - $22,300 - $13,600 = $56,650.
The tax on the Taxable Income is found in a Tax Table if the Taxable Income is less than $100,000 and is computed if over $100,000. Both will be used. The Tax Tables can be found in the 2007 1040 Instructions. The Tax Tables list income in $50 increments for all categories of taxpayers, single, married filing jointly, married filing separately, and head of household. For the Taxable Income range of "at least $56,650 but less than $56,700" the tax is $7,718 for a taxpayer who is married filing jointly.
The 2007 Tax Rates Schedule[2] for married filing jointly is:
Over But not over of the amount over
$0 $15,650 10% $0
$15,650 $63,700 $1,565+15% $15,650
$63,700 $128,500 $8,772.50+25% $63,700
$128,500 $195,850 $24,972.50+28% $128,500
$195,850 $349,700 $43,830.50+33% $195,850
$349,700 ------------ $94,601+35% $349,700
The tax is 10% on the first $15,650 = $1,565.00
plus 15% of the amount over $15,650 up to $56,650 = $41,000 x 15% = $6,150.00
Total = $7,715.00
The difference is because we used the Tax Tables in the first determination of tax and the tables are in $50 increments. John’s Taxable Income was at the bottom of the increment. If his Taxable Income had been $57,575, in the middle of the increment, then the calculated amount would be $7,718.75.
In addition to the Federal Income tax, John will probably be paying state income tax, Social Security tax, and Medicare tax. The Social Security tax in 2007 for John is 6.2% on the first $97,500 of earned income (wages), or a maximum of $6,045. There are no exclusions from earned income for Social Security so John will pay the maximum of $6,045. His wife will pay $12,000 x 6.2% = $744. Medicare is 1.45% on all earned income with no maximum. John and his wife will pay $112,000 x 1.45% = $1,624 for Medicare in 2007.更多精彩文章及讨论，请光临枫下论坛 rolia.net