If you are living in the United States, you must be aware of the taxes you have to pay. Bulky amounts are gone every month out of your hands in the name of taxes.
Taxes are an integral part of any of the state’s financial and economic structure. Paying tax is considered to be the most lawful act in every country. Taxpayers are referred to as the most valuable and responsible citizens of that state.
In the USA, about 143.3 million taxpayers paid tax of a total of $1.6 trillion showing a gross income of $10.9 trillion in 2017. The taxpayer ratio was increased from 1 to 21 only in a single year.
The minimum amount for the tax from Renton in 2021 is 10.1%. This tax is the total of city sales tax, county, and county state tax rates. The rate of Washington sales tax is 6.5% right now. The county sales tax is 0% and the Renton sales tax is 3.6%.
The taxes Renton citizens have to pay comprises 30% of the whole Washington sales tax.
If we talk about some past tax returns and tax paying numbers, we can see the following table of 2017:
|Top 1%||Top 5%||Top 10%||Top 25%||Top 50%||Bottom 50%||All Taxpayers|
|No. of Returns||1,432,952||7,164,758||14,329,516||35,823,790||71,647,580||71,647,580||143,295,160|
|Adjusted gross income ($millions)||$2,301,449||$3,995,037||$5,220,949||$7,561,368||$9,706,054||$1,230,446||$10,936,500|
|Share of total adjusted gross income||21.0%||36.5%||47.7%||69.1%||88.7%||11.3%||100.0%|
|Income Taxes Paid($millions)||$615,979||$946,954||$1,122,158||$1,378,757||$1,551,537||$49,772||$1,601,309|
|Share of total income taxes paid||38.5%||59.1%||70.1%||86.1%||96.9%||3.1%||100.0%|
|Income Split Point||$515,371||$208,053||$145,135||$83,682||$41,740||$41,740|
|Average Tax rate||26.8%||23.7%||21.5%||18.2%||16.0%||4.0%||14.6&|
This was the tax return and taxpayer data of the US in the year 2017. The revenue has been very high during this year.