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First, you offset as much of the rental income as you can with deductions for interest, depreciation, utilities, etc. Whatever net income remains, you pay tax on as ordinary income (depending on your tax bracket).
If I retire and my income is $4500. a month, how much federal income tax will I pay?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
What answer? I see no answer here!
$600
How much federal income tax is paid on $9600.00
First, you offset as much of the rental income as you can with deductions for interest, depreciation, utilities, etc. Whatever net income remains, you pay tax on as ordinary income (depending on your tax bracket).
If I retire and my income is $4500. a month, how much federal income tax will I pay?
The wealthy do pay income tax, and since the wealthy have more income, they must pay more money in income tax.
You don't pay tax on the tax-free pay and you do pay tax on taxable income
all people pay income tax.
What answer? I see no answer here!
$600
yes,he has to pay 30% of income tax ,, bhawna :P........ i m aayushi :P
Too much, only billionaires should pay taxes. :-)
some much
No such thing..no maximum on how much money you can make, no max on how much tax you can pay