Tax Brackets and DeductionsConduct online research for federal income tax brackets for the current year. Which tax bracket do you fit into for your gross household income? How close is your gross household income to the next lowest tax bracket? Create a list of possible deductions for your household. Are you able to reduce your taxable income enough to place you in the next lowest tax bracket? If not, what are some steps you could take to do so (this year or next year)?Criteria:The requirements below must be met for your paper to be accepted and graded:
- Write a minimum of 400 words (approximately 2 pages) using Microsoft Word.
- Attempt APA style, see example below.
- Use font size 12 and 1” margins.
- Include cover page and reference page.
- At least 60% of your paper must be original content/writing.
- No more than 40% of your content/information may come from references.
- Use at least two references from outside the course material, preferably from EBSCOhost.
- Text book, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.
- Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page.
- Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc.
- Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.
Explanation & Answer
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Running head: TAX BRACKETS AND DEDUCTIONS
Tax Brackets and Deductions
TAX BRACKETS AND DEDUCTIONS
The amount tax owed by an individual to the federal government is subject to the amount
that is earned by the individual. The higher the amount income earned the individual, the higher
the amount of tax that he or she is expected to pay to the government. The amount of tax is also
determined by the status of a person filing it. The status of people filing the...