3 ms·
Does anyone know why the tax liability/taxable income doesn't seem to reflect the state tax percentage? For instance the 9k to 10k bracket has tax liability =
by foota 11y ago
Does anyone know why the tax liability/taxable income doesn't seem to reflect the state tax percentage? For instance the 9k to 10k bracket has tax liability = 2,970 and taxable income = 1,156,047 for liability/income = .0025 or .25%, which is significantly less than the tax rate of 1% for income under even 8k (http://www.bankrate.com/finance/taxes/state-taxes-california.aspx http://www.bankrate.com/finance/taxes/state-taxes-california...)