The Warped Woodturner (TWW) is a local artist traveling his artist's journey in a suburb of Springbrook, WI (pop. 536). TWW's creative calling is to use a wood lathe to make useless objects from locally-sequestered organic carbon for tourists to bring back to the city to give to people they had to buy something for but do not like that much. His target market is the senior citizens since their vision is not as good as it used to be so cannot see the defects as well. His marketing jingle is: “Bowls as simple as their creator”.

Friday, July 02, 2010

Find your income - see your tax hike



"Personal income tax rates will rise.  The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed).  The lowest rate will rise from 10 to 15 percent.  All the rates in between will also rise.  Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.  The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%

Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#ixzz0sWXU81hS"


Note: While you never or at least seldom hear it in the news the Bush tax cuts for the rich helped the little people who pay taxes too. (TWW thinks only about half of the people have to pay income tax anyway).

To see where you stand  so you can start to figure out how much your taxes might go up next year see the following table from the IRS: 



Tax RateMarried Couples Filing JointlyMost Single Filers
10%Not over $16,750Not over $8,375
15%$16,750 to $68,000$8,375 to $34,000
25%$68,000 to $137,300$34,000 to $82,400
28%$137,300 to $209,250$82,400 to $171,850
33%$209,250 to $373,650$171,850 to $373,650
35%Over $373,650Over $373,650

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