Tax Tips
Filing Taxes
Average Tax Rate Calculator | Average Tax Rate Calculator |
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What is your average tax rate? It's your total tax
liability divided by your total income. In 2006, single
filers pay 10 percent on taxable income from $0 to
$7,550. The rate changes to 15 percent for income
between $7,550 and $30,650. Income over $30,650 is taxed
at 25 percent... and the rate keeps going up as your
income level goes up. Use this calculator to figure out
your average tax rate.
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While nobody likes filing tax returns, most people are rewarded handsomely for their efforts: About 75% of taxpayers get a refund, according to the Internal Revenue Service. In 2005, the average refund rang in at more than $2,000, a nice chunk of change.
| AP - More than 3 million people will have to wait until February to get their tax refunds because of Congress' late fix to the alternative minimum tax, the IRS said Thursday. | |
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