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
Workers can qualify for the Earned Income Tax Credit, or EITC, by gaining taxable earnings from an employer, business or farm and ranking in the correct income bracket based on specific household demographics, according to the Internal Revenue Service. While a childless person between the ages of 25 and 65 is eligible for the EITC, having qualifying children directly increases the credit total.Full Answer >
Some examples of direct taxes include income taxes, taxes on assets and real property and personal property taxes. These are taxes that a person must pay directly to the entity collecting the tax. The taxpayer is not able to shift the burden of these taxes onto another individual or group.Full Answer >
Find the California sales tax rate by visiting the California State Board of Equalization website. In the Taxes & Fees section, click Sales and Use Tax Overview, followed by the Find the Tax Rate link.Full Answer >
Forbes advices employees who do not receive a W-2 to contact their employer. The law requires employers to provide employees with copies of the form by the last day of January, but most send them out in advance.Full Answer >