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How does one determine what percentage of Federal income taxes one is paying?


Is there a set formula, for example, if you earn X amount of dollars, you pay... or , is it set more like .20 of every $1.00?

here is the schedule of marginal tax rates
http://www.irs.gov/formspubs/article/0,,...

because it is a progressive schedule, you can't simply do the calculation that you proposed

To find your average tax rate, calculate your tax liability & divide by total income.
Check out this website for Federal Tax rates. I'm sure you can find a similar one for your own state and local taxes.

http://taxes.yahoo.com/rates.html...
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