Question

how did you calculate the 15,000 as income tax

Answer 1

ANSWER: Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations. 12 Income taxes are a source of revenue for governments.Income tax is defined as money the government takes out of your earnings in order to pay for government operations and programs. Fifteen percent of your income deducted from your paycheck and paid to the government to maintain the military and social welfare programs is an example of income tax.If you make $15,000 a year living in the region of California, USA, you will be taxed $1,436. That means that your net pay will be $13,564 per year, or $1,130 per month. Your average tax rate is 9.57% and your marginal tax rate is 19.65%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of $100 in your salary will be taxed $19.65, hence, your net pay will only increase by $80.35.A $1,000 bonus will generate an extra $804 of net revenues. A $5,000 bonus will generate an extra $4,018 of net revenues.This tax calculation, produced using the CAS Tax Calculator, for an individual earning $ 15,000.00 Per year is provided to illustrate the standard Federal Tax, State Tax, Social Security and Medicare paid during the year (assuming no changes to salary and circumstance) when filing a tax return in California.If your taxable income is $15,000, you would think you'd just owe 2% of $15,000, which is $300. But that's not how it works.In the United States, tax brackets are tiered (or progressive). You are not just paying taxes within your income bracket. Instead, you are paying all of the marginal tax rates from the lowest tax bracket to the tax bracket in which you earned your last dollar.So, in California, if you make $15,000, you'd pay about $221.50. This is, of course, before deductions and tax credits.