What salary range is middle class?
Can anyone who knows taxes tell how this would benefit me? I make $105K per year, nearest I can figure middle class is $77K to mid to high $100s.
Does the standard deduction work in conjunction with things like mortgage interest?
Rounding to $100K for simplicity, is this correct?
Paying 25% = $25K.
Reduce salary by the deduction + child credits ($27K), that means I'd pay 25% of $73K, correct?
No way I can get my taxable income down to the 12% bracket; this is totally confusing.
I understand this is just a proposal.
If it's a choice between standard deductions and itemizing, I am confused on how this helps me.
On a very low level, if I currently get back $3K - $5K per year, does it stand to reason that I'd get more back?