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Help, How Do I Figure the Tax Rate...

In summary, the tax rate is determined by factors such as income level, filing status, and tax laws. To calculate your tax rate, you need to determine your taxable income and refer to the tax brackets. There is a difference between marginal and effective tax rate, with the former being used to determine tax brackets and the latter giving a more accurate representation of overall tax burden. Different types of income have different tax rates, and there are ways to potentially lower your tax rate, such as taking advantage of deductions and credits, contributing to tax-advantaged accounts, and investing in tax-exempt securities.
J.Corley
273
My show is out in the county, outside the city limits. The host says tax is cheaper because it takes the 4% city tax out and we have no county tax in our county.

OUr state tax it 4%, city 4% and no county. Typically city shows were 8%, but shouldn't county shows be 4%?

TIA
 
Consultants Corner (in the top right box) will breakdown exactly what the tax is and where each part of the tax come from... HTH!
 
  • Thread starter
  • #3
So since she isn't in the city limits I don't charge that rate, right?
 
I have no idea... Maybe try a fake order in P3 to see how it calculates it?
 
Around here, it's based on a few things, one being the county. Where I live, the city is in 4 counties! It's very strange. But even because someone would not be in the city limits doesn't mean they wouldn't be assessed the city tax. It's by city name and ZIP code, not by actual location. So unless their mailing address is different than the "in town people," tax would be the same unless she's in a different county.
 

1. What factors determine the tax rate?

The tax rate is determined by a combination of factors, including income level, filing status, and state and federal tax laws. Other factors such as deductions, credits, and exemptions can also affect the tax rate.

2. How do I calculate my tax rate?

To calculate your tax rate, you will need to determine your taxable income first. This is done by subtracting any deductions or exemptions from your total income. Then, you can refer to the tax brackets for your income level and filing status to determine your tax rate.

3. What is the difference between marginal and effective tax rate?

The marginal tax rate is the percentage of tax paid on the last dollar of income earned, while the effective tax rate is the average percentage of tax paid on all income. The marginal tax rate is used to determine the tax rate for each tax bracket, while the effective tax rate gives a more accurate representation of the overall tax burden.

4. Are there different tax rates for different types of income?

Yes, there are different tax rates for different types of income. For example, earned income (such as wages and salaries) is taxed at a different rate than investment income (such as dividends and capital gains). It's important to understand the different tax rates for each type of income to accurately calculate your overall tax rate.

5. How can I lower my tax rate?

There are a few ways to potentially lower your tax rate. One way is to take advantage of deductions and credits that you qualify for. Another way is to contribute to tax-advantaged accounts, such as a 401(k) or IRA. Additionally, you may be able to lower your taxable income by investing in tax-exempt securities or participating in certain tax planning strategies.

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