what to pay in income taxes on 8,000 dollars

Division at which a tax rate changes

Tax brackets are the divisions at which tax rates change in a progressive taxation system (or an explicitly regressive tax system, though that is rarer). Essentially, taxation brackets are the cutoff values for taxable income—income past a certain point is taxed at a higher rate.

Instance [edit]

Imagine that there are three tax brackets: x%, 20%, and 30%. The 10% rate applies to income from $1 to $10,000; the xx% rate applies to income from $10,001 to $20,000; and the xxx% rate applies to all income above $xx,000.

Under this organisation, someone earning $10,000 is taxed at 10%, paying a total of $1,000. Someone earning $5,000 pays $500, and then on.

Meanwhile, someone who earns $25,000 faces a more complicated calculation. The rate on the first $ten,000 is 10%, from $10,001 to $20,000 is twenty%, and above that is 30%. Thus, they pay $one,000 for the beginning $ten,000 of income (10%), $2,000 for the second $10,000 of income (twenty%), and $1,500 for the last $five,000 of income (xxx%), In total, they pay $4,500, or an xviii% average tax charge per unit.

In practice the computation is simplified by using point–gradient form or slope–intercept form of the linear equation for the revenue enhancement on a specific bracket, either as tax on the bottom amount of the bracket plus the tax on the marginal amount within the bracket:

\$iii\,000+(\$25\,000-\$20\,000)\times xxx\%=\$3\,000+\$1\,500=\$4\,500,

or the tax on the entire amount (at the marginal rate), minus the corporeality that this overstates tax on the bottom cease of the bracket.

\$25\,000\times 30\%-\$3\,000=\$seven\,500-\$3\,000=\$4\,500.

Run into Progressive tax#Ciphering for details.

Tax brackets in Commonwealth of australia [edit]

Private income tax rates (residents) [edit]

Fiscal years 2018–19, 2019–20 ^[ane]

Taxable income	Revenue enhancement on this income	Constructive revenue enhancement charge per unit
0 – $18,200	Nil	0%
$18,201 – $37,000	19c for each $1 over $18,200	0 – 9.7%
$37,001 – $xc,000	$iii,572 plus 32.5c for each $1 over $37,000	9.7 – 21.9%
$90,001 – $180,000	$xx,797 plus 37c for each $ane over $90,000	21.ix – thirty.iii%
$180,001 and over	$54,097 plus 45c for each $1 over $180,000	xxx.3 – less than 45%

The above rates practice not include the Medicare levy of 2.0%.

Tax brackets in Canada [edit]

Canada's federal regime has the following tax brackets for the 2012 taxation year (all in Canadian dollars). Note that the "basic personal amount" of $fifteen,527 finer means that income upwardly to this amount is non subject to tax, although it is included in the calculation of taxable income.^[2]

Taxable income	Tax on this income
$0–$xv,527	Naught
$xv,528–$42,707	15%
$42,708–$85,414	22%
$85,414–$132,406	26%
Over $132,406	29%^[3]

Each province except Québec adds their ain tax on acme of the federal taxation. Québec has a completely carve up income revenue enhancement.

Provincial / Territorial Tax Rates for 2012:^[iv]

Tax brackets in India [edit]

Income tax slabs applicable for financial year 2015–16 (Assessment Year- 2016–17)is summarized below:

Men and Women under threescore years
Upwards to ₹ 250,000	Nothing
₹ 250,001 to ₹ 500,000	5% of the amount exceeding ₹ 2,50,000 (two.5 lacs)
₹ 500,001 to ₹ 1,000,000	₹ 12,500 + xx% of the amount exceeding ₹ 500,000 (5 Lacs )
More than ₹ 1,000,000	₹ 1,12,500 + 30% of the amount exceeding ₹ one,000,000 (ten lacs)

Men and Women between sixty and fourscore years
Upward to ₹ 300,000	Nothing
₹ 300,001 to ₹ 500,000	v% of the corporeality exceeding ₹ 300,000 (3 lacs)
₹ 500,001 to ₹ 1,000,000 e	₹ 15,000 + 20% of the amount exceeding ₹ 500,000 (5 lacs)
More than than ₹ ane,000,000	₹ 115,000 + thirty% of the corporeality exceeding ₹ 1,000,000 (10 lacs)

Very Senior Citizens above 80 years
Up to ₹ 500,000	Zippo
₹ 500,001 to ₹ 1,000,000	twenty% of the corporeality exceeding ₹ 5 lacs
More than than ₹ ane,000,000	₹ 100,000 + xxx% of the corporeality exceeding ₹ 10 lacs ^[five]

Tax brackets in Malaysia [edit]

Malaysia has the following income tax brackets based on assessment year.^[6]

Assessment Year 2020 [edit]

Taxable income	Tax payable on this income	Effective tax rate
MYR 0 – 5,000	Nil	0%
MYR 5,001 – 20,000	1% for each MYR 1 over MYR five,000	0 – 0.75%
MYR 20,001 – 35,000	MYR 150 + 3% for each MYR 1 over MYR 20,000	0.75 – one.71%
MYR 35,001 – 50,000	MYR 600 + 8% for each MYR 1 over MYR 35,000	1.71 – 3.60%
MYR 50,001 – lxx,000	MYR 1,800 + 14% for each MYR 1 over MYR l,000	3.60 – 6.57%
MYR seventy,001 – 100,000	MYR 4,600 + 21% for each MYR 1 over MYR 70,000	six.57 – 10.90%
MYR 100,001 – 250,000	MYR 10,900 + 24% for each MYR ane over MYR 100,000	10.ninety – 18.76%
MYR 250,001 – 400,000	MYR 46,900 + 24.five% for each MYR one over MYR 250,000	eighteen.76 – xx.91%
MYR 400,001 – 600,000	MYR 83,650 + 25% for each MYR ane over MYR 400,000	xx.91 – 22.28%
MYR 600,001 – 1,000,000	MYR 133,650 + 26% for each MYR one over MYR 600,000	22.27 – 23.77%
MYR 1,000,001 – ii,000,000	MYR 237,650 + 28% for each MYR 1 over MYR 1,000,000	23.76 – 25.88%
MYR 2,000,001 and over	MYR 517,650 + 30% for each MYR 1 over MYR 2,000,000	25.88% – 30.00%

Tax brackets in Republic of malta [edit]

Malta has the following tax brackets for income received during 2012

Unmarried Rates:

Taxable income	Tax on this income
€0 – 8,500	Nil
€viii,501 – 14,500	fifteen%
€14,501 – 19,500	25%
€xix,501 and over	35%

Married Rates:

Taxable income	Revenue enhancement on this income
€0 – 11,900	Nil
€11,901 – 21,200	xv%
€21,201 – 28,700	25%
€28,701 and over	35%

Tax brackets in the Netherlands [edit]

Tax brackets in New Zealand [edit]

New Zealand has the following income tax brackets (as of 1 Oct 2010). All values in New Zealand dollars, with the ACC Earners' levy not included.^[7]

Taxable income	Revenue enhancement on this income
$0 – $fourteen,000	10.5%
$14,001 – $48,000	17.5%
$48,001 – $lxx,000	30%
$70,001 and over	33%

45% when the employee does not complete a declaration form (IR330).

ACC Earners' Levy for the 2010 tax year is 2.0%, an increase from 1.vii% in the 2008 tax yr.

Tax brackets in Singapore [edit]

2007 & 2008 [edit]

Taxable income	Tax on this income
$0–$20,000	Cipher
$20,001–$30,000	3.5c for each $1 over $20,000
$30,001–$40,000	$350 plus 5.5c for each $i over $xxx,000
$40,001–$80,000	$900 plus 8.5c for each $1 over $40,000
$80,001–$160,000	$4300 plus 14c for each $i over $eighty,000
$160,001–$320,000	$15,500 plus 17c for each $1 over $160,000
Over $320,000	$42,700 plus 20c for each $i over $320,000

A personal tax rebate of 20% was granted for 2008, upward to a maximum of $ii,000.

2013 [edit]

Taxable income	Tax on this income
$0–$twenty,000	Nil
$20,001–$30,000	2c for each $i over $20,000
$30,001–$40,000	$200 plus 3.5c for each $1 over $30,000
$40,001–$80,000	$550 plus 7c for each $1 over $40,000
$80,001–$120,000	$3,350 plus 11.5c for each $1 over $80,000
$120,001–$160,000	$7,950 plus 15c for each $one over $120,000
$160,001–$200,000	$xiii,950 plus 17c for each $1 over $160,000
$200,001–$320,000	$20,750 plus 18c for each $1 over $200,000
Over $320,000	$42,350 plus 20c for each $1 over $320,000

All figures are in Singapore dollars.

Tax brackets in South Africa [edit]

The Minister of Finance announced new tax rates for the 2012–2013 tax yr. They are as follows :^[8]

Revenue enhancement brackets for the 2012 year of assessment [edit]

Taxable income	Tax on this income
R0–R150,000	xviii% of every Rand
R150,001–R235,000	R27,000 plus 25% of the amount higher up R150,000
R235,001–R325,000	R48,250 plus 30% of the amount higher up R235,000
R325,001–R455,000	R75,250 plus 35% of the amount in a higher place R325,000
R455,001–R580,000	R120,750 plus 38% of the amount in a higher place R455,000
R580,001 and over	R168,250 plus twoscore% of the amount above R580,000

Tax brackets for the 2013 year of assessment [edit]

Taxable income	Taxation on this income
R0–R160,000	18% of every Rand
R160,001–R250,000	R28,800 plus 25% of the amount above R160,000
R250,001–R346,000	R51,300 plus xxx% of the amount above R250,000
R346,001–R484,000	R80,100 plus 35% of the amount above R346,000
R484,001–R617,000	R128,400 plus 38% of the corporeality to a higher place R484,000
R617,001 and over	R178,940 plus twoscore% of the corporeality to a higher place R617,000

Tax brackets in Switzerland [edit]

Personal income tax is progressive in nature. The total rate does not unremarkably exceed forty%.

The Swiss Federal Tax Administration website [i] provides a wide outline of the Swiss revenue enhancement arrangement, and total details and revenue enhancement tables are available in PDF documents.

The complexity of the system is partly because the Confederation, the 26 Cantons that make up the federation, and virtually two 900 communes [municipalities] levy their own taxes based on the Federal Constitution and 26 Cantonal Constitutions.

Tax brackets in Taiwan [edit]

Income tax rates (Individual) [edit]

Financial year 2013 ^[nine]

Taxable income	Tax on this income	Effective taxation rate
NT$0 – NT$272,000 [Includes Tax Free Threshold for below lxx of age (NT$85,000), Personal Standard Deduction (NT$79,000) and Payroll Income Deduction (NT$108,000)]	Nil	0%
NT$272,001 – NT$792,000	five% for each NT$1 for the next NT$520,000	0 – iii.28%
NT$792,001 – NT$one,442,000	NT$26,000 plus 12% for each NT$1 for the next NT$650,000	3.28 – 7.21%
NT$ane,442,001 – NT$two,622,000	NT$104,000 plus xx% for each NT$one for the next NT$1,180,000	7.21 – 12.97%
NT$2,622,001 – NT$4,672,000	NT$340,000 plus 30% for each NT$one for the next NT$ii,050,000	12.97 – 21.three%
NT$4,672,001 and over	NT$995,000 plus 40% for each exceeding NT$1

Tax brackets in the United Kingdom [edit]

Tax brackets in the U.s.a. [edit]

^{[Taxation Foundation 1]}

2018 taxation brackets under current law [edit]

Equally of 1 January 2018, the tax brackets have been updated due to the passage of the Taxation Cuts and Jobs Act:

Marginal tax charge per unit^[x]	Single	Married filing jointly
ten%	Upward to $9,525	Up to $xix,050
12%	$9,526 to $38,700	$19,051 to $77,400
22%	$38,701 to $82,500	$77,401 to $165,000
24%	$82,501 to $157,500	$165,001 to $315,000
32%	$157,501 to $200,000	$315,001 to $400,000
35%	$200,001 to $500,000	$400,001 to $600,000
37%	over $500,000	over $600,000

In the United States, the dollar amounts of the federal income tax standard deduction and personal exemptions for the taxpayer and dependents are adjusted annually to business relationship for inflation. This results in yearly changes to the personal income tax brackets even when the federal income taxation rates remain unchanged.

2011 tax brackets [edit]

Marginal tax rate^[eleven]	Single	Married filing jointly or qualified widow(er)	Married filing separately	Head of household
10%	$0 to $viii,500	$0 to $17,000	$0 to $8,500	$0 to $12,150
xv%	$8,501 to $34,500	$17,001 to $69,000	$8,501 to $34,500	$12,151 to $46,250
25%	$34,501 to $83,600	$69,001 to $139,350	$34,501 to $69,675	$46,251 to $119,400
28%	$83,601 to $174,400	$139,351 to $212,300	$69,676–$106,150	$119,401 to $193,350
33%	$174,401 to $379,150	$212,301–$379,150	$106,151 to $189,575	$193,351 to $379,150
35%	$379,151+	$379,151+	$189,576+	$379,151+

Two higher tax brackets (36% and 39.6%) were added in 1993, and then taxes in all brackets were lowered in 2001 through 2003 every bit follows:

1992	1993–2000	2001	2002	2003–2007
xv%	15%	15%	10%	x%
xv%	15%	15%	xv%	15%
28%	28%	27.5%	27%	25%
31%	31%	xxx.v%	30%	28%
	36%	35.5%	35%	33%
	39.half-dozen%	39.1%	38.6%	35%

Internal Acquirement Code terminology [edit]

Gross salary is the amount your employer pays you, plus your income tax liability. Although the tax itself is included in this figure, information technology is typically the one used when discussing one's pay. For example, John gets paid $l/60 minutes every bit an administrative director. His almanac gross salary is $l/hr ten two,000 hours/year = $100,000/twelvemonth. Of this, some is paid to John, and the rest to taxes.

W-2 wages are the wages that appear on the employee's W-2 issued by his employer each year in January. A copy of the Due west-2 is sent to the Internal Revenue Service (IRS). It is the gross salary less any contributions to pre-tax plans. The Westward-two class also shows the corporeality withheld by the employer for federal income tax.

W-2 wages = gross salary less (contributions to employer retirement program) less (contributions to employer health programme) less (contributions to another employer plans)

Total income is the sum of all taxable income, including the Westward-2 wages. Almost all income is taxable. At that place are a few exemptions for individuals such as non-taxable interest on authorities bonds, a portion of the Social Security (SS) income (non the payments to SS, but the payments from SS to the individual), etc.

Adjusted gross income (AGI) is Total Income less some specific allowed deductions. Such equally; alimony paid (income to the recipient), permitted moving expenses, cocky-employed retirement programme, pupil loan interest, etc.

Itemized deductions are other specific deductions such as; mortgage interest on a home, state income taxes or sales taxes, local property taxes, charitable contributions, country income tax withheld, etc.

Standard deduction is a sort of minimum itemized deduction. If you lot add up all your itemized deductions and it is less than the standard deduction you accept the standard deduction. In 2007 this was $v,350 for those filing individually and $10,700 for married filing jointly.

Personal exemption is a tax exemption in which the taxpayer may deduct an amount from their gross income for each dependent they claim. Information technology was $3,400 in 2007.

Sample taxation adding [edit]

Given the complexity of the U.s.' income revenue enhancement lawmaking, individuals oft observe it necessary to consult a tax accountant or professional person tax preparer. For case, John, a married 44-yr-old who has two children, earned a gross salary of $100,000 in 2007. He contributes the maximum $15,500 per year to his employer's 401(yard) retirement program, pays $1,800 per year for his employer'due south family health plan, and $500 per year to his employer'due south Flexfund medical expense plan. All of the plans are immune pre-tax contributions.

Gross pay = $100,000

W-2 wages = $100,000 – $15,500 – $1,800 – $500 = $82,200

John's and his wife's other income is $12,000 from John'southward wife'due south wages (she too got a W-two but had no pre-tax contributions), $200 interest from a bank account, and a $150 state tax refund.

Total Income = $82,200 + $12,000 + $200 + $150 = $94,550.

John's employer reassigned John to a new office and his moving expenses were $8,000, of which $2,000 was non reimbursed past his employer.

Adapted gross income = $94,550 – $two,000 = $92,550.

John's itemized deductions were $22,300 (mortgage interest, belongings taxes, and state income tax withheld).

John had four personal exemptions—himself, his wife and two children. His total personal exemptions were iv x $3,400 = $13,600.

Taxable Income = $92,550 – $22,300 – $13,600 = $56,650.

The tax on the Taxable Income is found in a Tax Table if the Taxable Income is less than $100,000 and is computed if over $100,000. Both are used. The Tax Tables are in the 2007 1040 Instructions. The Tax Tables list income in $50 increments for all categories of taxpayers, single, married filing jointly, married filing separately, and head of household. For the Taxable Income range of "at least $56,650 merely less than $56,700" the tax is $seven,718 for a taxpayer who is married filing jointly.

The 2007 tax rates schedule^[12] for married filing jointly is:

If taxable income is over	but non over	so the tax is	of the amount over
$0	$xv,650	10%	$0
$fifteen,650	$63,700	$1,565.00 + 15%	$15,650
$63,700	$128,500	$8,772.l + 25%	$63,700
$128,500	$195,850	$24,972.50 + 28%	$128,500
$195,850	$349,700	$43,830.50 + 33%	$195,850
$349,700		$94,601.00 + 35%	$349,700

The tax is 10% on the offset $xv,650 = $one,565.00

plus 15% of the amount over $15,650 ($56,650 – $15,650) = $41,000 x 15% = $vi,150.00

Total ($1,565.00 + $half dozen,150.00) = $7,715.00

In addition to the Federal income tax, John probably pays state income tax, Social Security taxation, and Medicare revenue enhancement. The Social Security revenue enhancement in 2007 for John is 6.2% on the first $97,500 of earned income (wages), or a maximum of $6,045. There are no exclusions from earned income for Social Security so John pays the maximum of $6,045. His married woman pays $12,000 10 six.2% = $744. Medicare is 1.45% on all earned income with no maximum. John and his wife pays $112,000 x 1.45% = $i,624 for Medicare in 2007.

About states also levy income tax, exceptions being Alaska, Florida, Nevada, South Dakota, Texas, Washington, New Hampshire, Tennessee and Wyoming.^[13]

Run across also [edit]

Income tax threshold

References [edit]

^ Kasprak, Nick. "2013 Tax Brackets". Tax Foundation. Retrieved 4 January 2012.

^ "Private income tax rates". www.ato.gov.au. Australian Revenue enhancement Function. Retrieved 7 April 2020.
^ See line 1 "Basic Personal Amount"^{[ permanent dead link ]}
^ "Canadian income tax rates for Individuals – electric current and previous years". Cra-arc.gc.ca. fourteen Jan 2014. Retrieved 15 Apr 2014.
^ "Canadian income tax rates for Individuals – current and previous years". Cra-arc.gc.ca. 14 January 2014. Retrieved 15 April 2014.
^ "CaConnectIndia.com is for sale | HugeDomains".
^ "Lembaga Hasil Dalam Negeri". Retrieved 16 September 2020.
^ "Income taxation rates for individuals (Find out about)". Ird.govt.nz. Archived from the original on vii April 2005. Retrieved xv Apr 2014.
^ http://www.treasury.gov.za/documents/national%20budget/2011/review/Annexure%20c.pdf^{[ bare URL PDF ]}
^ "賦稅法令相關之行政規則". Tax Administration, Ministry of Finance, ROC. 16 November 2012. Archived from the original on 27 January 2013. Retrieved twenty Feb 2013.
^ "Taxation Brackets | Income Tax Brackets 2013". Bankrate.com. Retrieved 15 April 2014.
^ https://world wide web.irs.gov/pub/irs-pdf/i1040tt.pdf^{[ bare URL PDF ]}
^ "2007 Federal Revenue enhancement Rates Schedule". IRS. Archived from the original on eleven September 2007. Retrieved 17 September 2007.
^ http://www.taxadmin.org/fta/rate/ind_inc.html Archived 25 Oct 2006 at the Wayback Machine

External links [edit]

More than about Canada Personal Income Tax Rates, Brackets and Surtaxes for 2011

yuenpaped1945.blogspot.com

Source: https://en.wikipedia.org/wiki/Tax_bracket