Sentences with phrase «joint incomes above»

Adopted in March 2009, as the recession worsened, it slapped an extra one percent levy on joint incomes above $ 300,000 and brought in more than $ 3 billion in additional revenue.

Not exact matches

Key Facts: Joint filer with a Schedule C business has a standard deduction of $ 24,000 Business gross income of $ 130,000 Business expenses of $ 30,000 Net profit from business $ 100,000 (qualified business income) Spouse works and makes $ 70,000 Above - the - line deductions of $ 7,500 for deductible portion of self - employment tax and $ 20,000 for SEP IRA contribution Analysis: Taxable income before application of pass - through deduction = $ 118,500 In this case, the taxable income of $ 118,500 is greater than the qualified business income of $ 100,000.

Notably, the deduction only applies to «qualified business income» and can't be claimed by taxpayers in service businesses (excluding architecture and engineering) for single filers with taxable income above $ 157,500, and $ 315,000 for joint filers.

The same goes for a Roth IRA, as long as your income is not above the limits (the ability to contribute to a Roth IRA starts to phase out at $ 186,000 for 2017 and $ 189,000 in 2018, if you are married and file a joint return.

Tax filers who qualified for less than $ 300 of the full basic credit ($ 600 for joint filers) could get $ 300 ($ 600 for joint filers) if they had either (1) at least $ 3,000 in earnings, Social Security benefits, and veteran's payments or (2) net income tax liability of at least $ 1 and gross income above specified thresholds.

But if you file a joint tax return, your combined earned income of $ 300,000 is $ 50,000 above the married filing jointly threshold.

The rules for accredited investors is subject to change in the future, but for now, you must have a net worth of over $ 1,000,000 (excluding primary home equity) or annual income above $ 200,000 (single tax filer) or $ 300,000 (joint tax filers).

You have to pay a higher premium, though, if your modified adjusted gross income for 2008 was above $ 85,000 on an individual income tax return or $ 170,000 on a joint return.

However a couple with $ 200,000 in adjusted gross income who has a $ 100,000 capital gain above the $ 500,000 primary residence exclusion amount would have to pay an additional 3.8 % on the extra $ 50,000 above the joint $ 250,000 limit.

What once was a flat tax is now a means adjusted, progressive tax that will raise the Medicare payroll tax for joint filers with income above $ 250k and singles above $ 200k.

The tax situation adds to the gravity: Except for Social Security benefits, retirement income is fully taxed, and California imposes the highest state income tax rates in the nation (the top rate is 13.3 % for single filers with $ 1 million incomes and joint filers with incomes above $ 1,074,996).