The American Dollar
OUR FAMILY. OUR MONEY. ONE PERSONAL FINANCE BLOG.
One industrious American family's focus on a financial goal of freedom. Through worldly personal finance education, here is our story.
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Our Story: Both my wife and I are 27 years old and have gone through financial hell and back. Now we are on track to financial freedom, however we are not financial advisors or professionals, just everyday people. Share our journey from a negative networth and email us if you have questions or comments! :)



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Sunday, November 27, 2005

Taxes, Taxes, and Taxes

The last rant was enough for me to dive into our personal tax bracket.
According to the document http://www.irs.gov/pub/irs-pdf/i1040tt.pdf ;
My spouse and I have gross taxable income currently at ~$76,000.00
Since more than half of my pay is based off commissions, I can only speculate, but to date we have earned $75,000.

This would fall a married filing jointly at: $12,086

The question is what have we done to avoid paying all those taxes.
Well for starters, we have diligently been paying portions of that amount to the IRS every month through federal taxes taken out of our paycheck.
At the end of the year we will calculate what we have paid in FEDERAL taxes this year on our paychecks. Also we will look at deductions to reduce our taxes even further.

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Emergency Fund
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