Q:

How much would taxes be on $1 million?

A:

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.

Sources:

  1. forbes.com

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