Difference between revisions of "Paying Taxes Can Tax The Best Of Us"

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Revision as of 21:44, 20 September 2024

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There's a positive change between, "gross income," and "taxable income." Gross income is what amount you make. taxable income is what federal government bases their taxes from. There are plenty of an individual can subtract from your gross income to supply a lower taxable income. For most people, title of the game is to purchase and use as individuals as possible, so you will minimize your tax direct exposure.

Example: Mary, an American citizen, is single and lives in Bermuda. She earns an income of $450,000. Part of Mary's income will be subject to U.S. taxes at the 39.6% tax rate.

The great part is the county is getting their tax money to offer us with roads, fire and police departments, and so forth .. Whether they use domestic or foreign investor dollars, we all win!

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