Sentences with phrase «earn point deductions»

Not exact matches

For example: A married couple earns $ 350,000 of ordinary income and faces a marginal federal tax rate as high as 39.8 %: a 33 % tax bracket plus two percentage points for the phaseout of personal exemptions, one point for the phaseout of itemized deductions and a 3.8 % Medicare surtax on net investment income.

Tax deduction of investment interest is a moot point anyway since you note that you don't earn enough to pay taxes.

Note: Though points are generally reduced by half after one year, you may also earn a four - point deduction by successfully completing a defensive driving course.