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December 2015 Archives

Top income earners paid more income tax in 2013 than in 21 years

Most taxpayers know that income is taxed at different rates, depending on how much the taxpayer has earned in the year. For instance, in 2013 a single taxpayer paid 25 percent on the income he or she earned above about $36,000, and 28 percent on income above about $88,000. The top rate on income earned through work that year was 39.6 percent, which applied to any income after $400,000.

What if I won't be able to file my income taxes on time?

Everyone knows that the due date for filing your federal income taxes usually is April 15. But for one reason or another, sometimes taxpayers are unable to file by that date. Sometimes an emergency has arisen that kept you from taking care of it. Or key documents have gotten lost or proved hard to track down.

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