How can I figure out just the net income over a certain amount using W2 amounts over $100K?
I need to calculate a specific amount owed (a percentage) of the net amount of income earned over 5K for certain years. I have the tax brackets but am unsure which figures to use. For example, if a total income of 5K was earned, I need to know how to figure out the NET income of K (the amount over 5). I assume it should be taxed in the higher bracket but I am not sure. Thanks for any info.
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6.17.2009
On page 261 and 262 of IRS Publication 17 you will find charts that I believe will be helpful. This link will take you to Pub. 17; http://www.irs.gov/pub/irs-pdf/p17.pdf