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Your numbers aren't quite right. The first $6000 of income is the standard deduction and is taxed at 0%. Then, the next $10,000 is taxed at 10%, and the remain
by jeremyt 11y ago
Your numbers aren't quite right.
The first $6000 of income is the standard deduction and is taxed at 0%. Then, the next $10,000 is taxed at 10%, and the remainder up to the next $30,000 is taxed at 15%. You have substantially overstated the amount of taxes this hypothetical person is paying. And that's not taking into account that they probably qualify for the earned income tax credit.
- tanderson92 11y agoThe standard deduction is $6300 and you missed the personal exemption at $4000.