How much you'll pay in new taxes - WRCBtv.com | Chattanooga News, Weather & Sports

How much you'll pay in new taxes

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By The Associated Press

The tax package passed by Congress will prevent one set of tax increases from hitting the vast majority of Americans, but it won't stop them all. A temporary Social Security payroll tax reduction is expiring, hitting nearly every wage earner, and income taxes on the wealthy are going up too.

How the tax increases will affect households at different income levels:

Annual income Average tax increase
$20,000 to $30,000 $297
$30,000 to $40,000 $445
$40,000 to $50,000 $579
$50,000 to $75,000 $822
$75,000 to $100,000 $1,206
$100,000 to $200,000 $1,784
$200,000 to $500,000 $2,711
$500,000 to $1 million $14,812
More than $1 million $170,341

 

 

 

 

 

 

 

 



Source: Tax Policy Center

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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