coup - 12/7/2018 17:12
roarintiger1 - 12/7/2018 15:35
If you happen to be in the 28% tax bracket, and add in your 15% SE tax, and........you get the entire $1.65, you will be paying 71 cents of it back in taxes. Of course, this isn't even counting your state and local taxes. :(
IT IS NOT GOING TO COST THE GOVERNMENT VERY MUCH! And yes, I was yelling.
There is no 28% tax bracket. Income above $128,400 for joint filers. Total fed tax from $128,400 - $165,000 = 24.9 %. Below 128,400 in 22% tax bracket = 37.3 %. . $160,000 - $315,000 = 26.9%
Also 20% of income is tax free in 2018. So Gov isn't going to get back near what you were projecting.
https://www.nerdwallet.com/blog/taxes/federal-income-tax-brackets/[/...
OK so.......the effective rate after the 20% reduction from the 24.9% bracket is 19.9% plus the SE tax 15.3 % so..........35.2 % of the $1.65 soybean payment is 58 cents. 58 cents instead of 71 cents....I stand corrected. That my, friend is still a lot of money the government will be getting back.
Times up USDA. Farmers need to know status of 2nd half MFP
