As part of the fiscal cliff deal, taxes were raised on certain high-income earners. As part of a deal to avoid sequestration, under President Obama's plan, tax deductions for certain high-income earners would limited to 28%. See white house website.
Monday, March 4, 2013
How Many U.S. Households Held Mutual Funds in 2012?
53.8 million, according to the Investment Company Institute's Profile of Mutual Fund Shareholders, 2012.
Friday, March 1, 2013
Obama Budget Deficit 2013
According to the Budget
of the United States Government, Fiscal Year 2013 President Obama's budgeted deficit for 2013 is 901 Billion dollars.
Receipts: $2,902,000,000,000
Outlays: $3,803,000,000,000
Budgeted Deficit:
$901,000,000,000
What is the Standard Deduction in 2013?
The standard deduction is $6,100 for individuals and $12,200 for married filing
jointly.
Example of A Common Man's Tax Plan 2013
Background
- · Gross Income: $60,000
- · Married Filing Jointly
- · One Child
- · Taking Standard Deduction: $12,200
Pre FICA, Federal Income Tax, and
State Income Tax Adjustments
- · Health Insurance Premiums: $1,800
- · Health Savings Account: $1,800
Pre Federal Income Tax and State
Income Tax Adjustments
- · 401K: $3,000
- · Traditional IRA: $1,800
- · Roth IRA: $600
Federal Credits
- · Child Tax Credit: $1,000
Tax Savings from Credits and Adjustments: $3,064.60
Thursday, February 28, 2013
Is there a new tax bracket in 2013?
Yes. Congress
implemented a 39.6% tax bracket on ordinary income that exceeds $400,000 (individuals) or $450,000 (married filing jointly) as
part of the American Taxpayer Relief Act of 2012.
Wednesday, February 27, 2013
Total Mortgage Interest ($500,000)
House: $500,000
Interest Rate: 3.5% (fixed) Total Interest: $277,452.39
Down Payment: $50,000
Years: 30
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