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| 7/9 |
| 2008/8/21-26 [Politics/Domestic/California, Politics/Domestic/California/Prop] UID:50923 Activity:kinda low |
8/21 CA highest income tax bracket hits at 44K?
http://www.ftb.ca.gov/aboutFTB/press/2007/07_38.shtml
\_ seems like it's 60k for head of household, which would apply
for anyone not claimed as a dependent I believe. --jwm
\_ So 90K for married filing jointly. Anyone here call that rich?
\_ I think Head of Household is when you are not married and you
pay for more than 50% of the living expense of another person
who is not a dependent of another taxpayer.
\_ Yeah you're not head of household if you are just a single
dude without dependents. (like me). fuck.
\_ Well, at least we still have one of the lowest property
taxes, and capped so that when we retire, we don't have to
worry about ridiculously amounts of tax increase! By a happy
owner. Once you buy a home in CA, DON'T EVER SELL!!! Trust
me. This is the way of life in California.
\_ ObSwami
\_ الله أَكْ!
\_ No, our property taxes are around the median.
\_ Median in rate, but because of Prop 13 they are lower than
most places if you've owned a property a long time. When
I bought my house for ~$350K N years ago it had been in
the seller's family for 65-70 years. They paid something
like $600/year property tax, which is definitely low. I
paid $4000/year on the same property when I bought it,
not that I'm complaining, because now my neighbors are
paying $8000+/year on similar houses.
\_ You know I wouldn't pay $100K for any piece of land in
inland Southern California, though I would be
willing to pay millions of dollars for Malibu and
coastal estates. S Cal inland in general is dumpy,
including Santa Ana, San Fernando, and even
Pasadena. Hot. Traffic. Dumpy.
\_ Yes, much better are New Jersey, Texas, and Florida. |
| 7/9 |
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| www.ftb.ca.gov/aboutFTB/press/2007/07_38.shtml t (Vietnamese) FTB Announces the 2007 State Income Tax Brackets Released: August 29, 2007 The Franchise Tax Board (FTB) today announced state tax brackets set for the 2007 tax year may reduce the amount some California taxpayers will pay in personal income taxes next year. The brackets will be indexed based on the inflation rate of 31 percent, as measured by the California Consumer Price Index for all urban consumers from June 2006 to June 2007. The FTB also takes into consideration filing requirement thresholds, standard deductions, and certain credits. "The new tax brackets mean tax relief for the average family," said State Controller and FTB Chair John Chiang. "If the taxpayer's income from the previous year is unchanged, the compounding effect of indexed tax brackets, standard deductions and personal exemptions will result in that individual paying less in state taxes for the 2007 tax year." The FTB designs the minimum filing requirement thresholds to ensure that most people who will not owe taxes are not required to file a tax return. The FTB adjusts these tables each year to include the added senior exemption and the dependent exemption credits. The tax threshold, the amount of income reached where a tax liability is incurred, has risen to $11,620 of adjusted gross income for single and married filing separate taxpayers, and $23,241 for married filing joint, surviving spouse, and head of household filers. The standard deduction will increase for single or married filing separate taxpayers from $3,410 to $3,516. For married filing jointly, qualifying widow(er), or head of household taxpayers, the standard deduction increases from $6,820 to $7,032. The personal exemption credit increases for single, married filing separate, or head of household taxpayers from $91 to $94 and for married filing jointly or surviving spouses from $182 to $188. The dependent exemption credit changes from $285 to $294 for each dependent. Other tax credits affected by indexing include the Joint Custody Head of Household Credit, Dependent Parent Credit, Qualified Senior Head of Household Credit, and the Renter's Tax Credit. Editor's Note: See the attached chart for tax rates and filing requirement amounts. |