According to the 2014 Internal Revenue Service tax rates, the total tax on a personal income of $1,000,000 would come to $353,045.75. This does not include any adjustments for deductions, head of household or marriage status benefits.
Millionaires pay a tax rate of 39.6 percent on the percentage of their total income over a specific amount, depending on the filing status chosen. The filing status greatly alters the amount of taxes paid. For instance, individuals filing as married (jointly filing) would pay $342,752.90 in taxes, while filing as married (separately filing), the tax would be $369,376.45. Head of household status incurs a total tax amount of $348,272.80.Learn More
Federal income tax returns are usually due on April 15 each year. It may be extended to the next business day if April 15 is a weekend. Payment of any balance owed to the IRS is also due at this time unless a payment arrangement has been put in place.Full Answer >
The income tax filing requirement for a U.S. citizen or resident depends on the taxpayer's gross income, filing status and age. For 2014, a single nondependent taxpayer under 65 must file if his gross income exceeds $10,150. Married taxpayers under 65 file with income over $20,300, according to the I.R.S.Full Answer >
In most cases, condo fees do not include property taxes according to bankrate.com. Fees are paid to the condo board to cover things such as maintenance and the cost of amenities. Owners pay property taxes to local or state agencies as required by tax law.Full Answer >
According to the IRS, failure to file taxes can result in severe payment penalties. These penalties can grow on a monthly basis, maxing out at as much as 100 percent of the actual tax monies owed.Full Answer >