TAX BRACKETS
Annual income tax brackets are divided as follows, and taxes are applied incrementally to the sum household income.
$0-$50,000: 0% (Untaxed)
$50,001-180,000: 8.5%
$180,001-$320,000: 15%
$320,001-$600,000: 24.5%
$600,001+: 35%
For calculations involving tax negative deductibles, the following table is used.
$0-$10,000: -9%
$10,001-$25,000: -11%
$25,001-$50,000: -13%
$50,001-$75,000: -17%
$75,001+: -23%
Tax negative deductibles are expenditures which are deducted from the total tax owing.
All tax calculations should be rounded up to the dollar.