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.

Learn More
Sources:

Related Questions

  • Q:

    How do you check if you owe the IRS back taxes?

    A:

    Find out if back taxes are owed to the Internal Revenue Service by calling the toll-free number at 1-800-829-1040 or visiting a local IRS office. Phone services are available Monday through Friday between 7:00 a.m. and 7:00 p.m. in each local time zone, according to the official website.

    Full Answer >
    Filed Under:
  • Q:

    How much do employers pay in payroll taxes?

    A:

    Payroll taxes are shared by employer and employee, with the employer's portion amounting to a total of 7.65 percent for the 2013 tax year. Payroll taxes are made up of Social Security and Medicare taxes.

    Full Answer >
    Filed Under:
  • Q:

    What is a tax payment plan?

    A:

    According to the IRS, a tax payment plan is a way for individuals to make payments on their taxes in monthly installments. As long as taxpayers pay the full amount owed, they can avoid or lower the amount of interest and penalties owed as well as the fees required to set up the payment plan.

    Full Answer >
    Filed Under:
  • Q:

    How do you explain taxes to kids?

    A:

    According to Kids.gov from the Office of Citizen Services and Innovative Technologies, a person should explain taxes to children by telling kids why taxes are paid. He should explain what types of goods and services are paid with taxes and describe different types of taxes. Children should know that taxes are paid for things that every citizen uses and shares.

    Full Answer >
    Filed Under:

Explore