jimz43
1 Answer
Jack Large
The Federal Income tax one pays is based on ones "Adjusted" Income, not their "Gross" Income.
Since the tax RATE cuts for ALL American taxpayers, was enacted under George Bush, the lowest tax RATE was REDUCED by 1/3 from 15% down to 10%.
That was the largest tax cut ever for working Americans since the Federal Income tax was enacted by the Democrats.
You may not have any tax liability, now that you are retired. Since the Bush tax RATE cuts, nearly 49% of American taxpayers do not pay a single penny in Federal Income taxes, Good luck
Contact an accountant, for a definitive answer to you question, WBMS.
| 13 years ago. Rating: 0 | |
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