Comments on: 2009 Federal Income Tax Brackets

By: greg

greg — Sat, 17 Oct 2009 23:53:55 +0000

I work 33hrs. weekly at 11.40 p.h. my boss wants to give me the lead posion and a$0.20p.h raise but then told me he was doning some figureing and that the raise would put in in a new tax bracket and would not be worth it. I am single, no dependents. any truth to this?

By: Katherine

Katherine — Fri, 28 Aug 2009 04:49:49 +0000

i just started a new job in indiana and i live in illinois and i grossed 645.49 on my biweekly pay and they only took out 3.97 for federal taxes im married and claim zero excepmtions but why didnt they take out very much when i asked my payroll dept they said that obama passed a new tax for married couples but that just doesnt seem like its enough. i dont want to have to pay at the end of the year

By: jim bertrand

jim bertrand — Sat, 08 Aug 2009 23:39:40 +0000

i bought a chey truck this year. someone told me i could claim the tax on my 2009 return. Is this just if you idimise or where do you take the tax off?

By: Nickel

Nickel — Fri, 07 Aug 2009 17:42:03 +0000

Gen: No, this is Federal income tax only. Social Security and Medicare are a different beast.

See here for details:

http://www.fivecentnickel.com/.....sdi-taxes/

By: Gen

Gen — Fri, 07 Aug 2009 17:18:28 +0000

I am starting a new job and according to the above chart I would fall in the 25% fed tax bracket. My question is; does this 25% include SS & medicare or are there additional to the 25%? I know it does not cover state taxes. I’m trying to get a good idea for my monthly bring home after taxes for future planning. Thanks for your time.

By: Steve

Steve — Mon, 20 Jul 2009 16:12:12 +0000

If the new proposed tax plan is put into effect will it be retro-active back to Jan 1 2009 or put into effect Jan 1 2010?
Thanks!
Steve

By: Donna

Donna — Sat, 18 Jul 2009 00:54:56 +0000

Just curious … we’re toying with the idea of pulling money out of an IRA to pay off our house. I was just checking the tax rate chart … and it wouldn’t put us in a higher tax bracket to do this. I know this goes against all “conventional” wisdom … but the $4300 in interest that we would save over the next 5 years is about the same as the $4000 “10 percent penalty for early withdrawal from the IRA” … yes we would pay taxes on the rest … but aren’t federal income taxes for 2009 the least that they will be many years? George W. Bush’s 2001 / 2003 tax cuts are set to expired after the 2010 tax year I believe?

I’m thinking that the security of knowing our house is paid off in times when the government is printing money to keep everything afloat … may be the most prudent move.

I hate to go against “conventional” wisdom … but we didn’t ride the stock market rollar coaster up and didn’t ride it down either … so maybe we should just take the plunge and be “unconventional”.

By: marsha

marsha — Sat, 25 Apr 2009 13:36:17 +0000

On my taxes with hold on our checks at our company the Federal tax has been witheld. Why is this and is it part of our bracket we are in??

By: Rob Arends

Rob Arends — Fri, 03 Apr 2009 21:45:41 +0000

Kelsey,
Each and every paycheck is treated as if you were making that amount every period during a year. (Typical pay period is for 2 weeks, so this amount on one paycheck is equivalent to a gross income of ~ $65k. The federal amount witheld equates to a 22% effective tax rate, which does not include Med or SSI. If you are doing a lot of single type high dollar gigs with one time payments, you may consider altering the exemptions you claim on your W-2 to alter how much federal tax is withheld. Another option is to claim exempt from the federal tax (I am not sure how this potentially affects medicare SSI etc) Then you can make estimated quarterly payments to your state and federal, or just pay when you actually do your taxes the following spring.

By: KELSEY MOORE

KELSEY MOORE — Mon, 30 Mar 2009 14:22:33 +0000

I RECIEVED A PAYROLL CHECK FROM MY EMPLOYER WITH A GROSS AMOUNT OF 2500.00. I FILE SINGLE BUT IT APPEARS THAT MY EMPLOYER TOOK OUT 568.19 IN FEDERAL TAX, 155.00 FOR SS, 36.25 FOR MEDICARE, 130.38 FOR STATE TAX (NJ) AND 23.13 FOR SUI. COULD THIS BE CORRECT? THOSE DEDUCTIONS REPRESENT NEARLY 40% OF THE GROSS AMOUNT. ADDIDTIONALLY I DID NOT EARN OVER $3000.00 OVER THE ENTIRE TIME OF EMPLOYMENT.

By: luis

luis — Sat, 24 Jan 2009 00:06:30 +0000

what is or is there a amount of income i need it to make in able to geet my 2 dependents i have and do they geve money back if i went to college in 2008.
thanks

By: Alex

Alex — Mon, 01 Dec 2008 18:40:17 +0000

Taxation is extortion.

By: andy

andy — Fri, 28 Nov 2008 17:04:34 +0000

Useful information and look forward to a fatter tax return next year. I have 2 tips on taxes for next year based on a recent post, make sure you take advantage of the new 401K limit (raised to $16K) and of the capital loss writeoff provision.

By: Jade Cow

Jade Cow — Tue, 18 Nov 2008 00:58:21 +0000

Great article! I was linked here from get rich slowly… I am getting married soon and had not really given much thought to tax planning. The chart you posted inspired me to run some quick numbers – turns out that getting married will save us about 25% on our federal taxes! I thought that getting married was supposed to be bad for your taxes?

By: nickel

nickel — Fri, 14 Nov 2008 19:02:28 +0000

Dave: Nice catch. Sorry about that. I’m embarrassed to admit that I forgot to upload the image!

By: Dave

Dave — Fri, 14 Nov 2008 14:56:55 +0000

The image seems to return a 404/”Sorry dude” message. The “k” and “c” are transposed, but that still didn’t fix the error.

By: Momma

Momma — Fri, 14 Nov 2008 14:30:08 +0000

Taxes are a very charged subject. I am a HUGE supporter of the Fair Tax (www.fairtax.org) and hope that some day something similar makes its way into reality. But, in the hear and now, I’ve found that a really great resource is a book titled “Lower Your Taxes Bigtime”. It’s full of tidbits that I really never knew, but plan to maximize for the current tax year.

Thanks for the article. It was a good read.