Federal Personal Income Tax
Tax Bracket
|
Married Filing Jointly
|
Single
|
10%
Bracket
|
$0
– $17,400
|
$0
– $8,700
|
15%
Bracket
|
$17,400
– $70,700
|
$8,700
– $35,350
|
25%
Bracket
|
$70,700
– $142,700
|
$35,350
– $85,650
|
28%
Bracket
|
$142,700
– $217,450
|
$85,650
– $178,650
|
33%
Bracket
|
$217,450
– $388,350
|
$178,650
– $388,350
|
35%
Bracket
|
Over
$388,350
|
Over
$388,350
|
*Standard deduction: $5,950
State of Colorado Personal Income Tax
4.63% of Federal taxable income
|
Medium household income (Delta County,
Colorado)[1]
$40,451
|
How much will you owe if you earn the average
in Delta County?[2]
High school Graduate (35% of Delta County)
|
Bachelors Degree (11.71% of Delta County)
|
Masters Degree (3.6% of Delta County)
|
||
Gross monthly income:
|
$2,402
|
$3,772
|
$4,806
|
$6,083
|
Gross yearly income:
|
$28,820
|
$45,260
|
$57,670
|
$73,000
|
Standard deduction:
|
($5,950)
|
($5,950)
|
($5,950)
|
($5,950)
|
Taxable income:
|
$22,870
|
$39,310
|
$51,720
|
$67,050
|
Colorado income tax liability (4.63%):
|
($1,059)
|
($1,820)
|
($2,395)
|
($3,104)
|
Federal income tax liability 10% bracket:
|
($870)
|
($870)
|
($870)
|
($870)
|
Federal income tax liability 15% bracket:
|
($2,126)
|
($3,998)
|
($3,998)
|
($3,998)
|
Federal income tax liability 25% bracket:
|
(-)
|
($990)
|
($4,093)
|
($7,925)
|
Net income (after taxes):
|
$18,815
|
$31,632
|
$40,364
|
$51,153
|
**After personal income taxes, money is spent on:
food, mortgage/rent, utilities (ie water,
sewer and electricity), insurance (ie health,
automobile and home), gas, maintenance (ie car/truck,
home), clothes, et cetera. In Delta, a sales
tax of 7.9% is assessed on most purchases.
|
||||
[1]
Combination of what everyone under one roof earned in Delta County during FY
2010. There are 30,900 people who live in Delta County. The current
unemployment rate is 10.9% and 53% of Delta County is in the workforce.
[2]
Digest of Educational Statistics, September 2010, adjusted for
2010 US census findings in Delta County, State of Colorado, See: http://nces.ed.gov/programs/digest/d10/tables/dt10_391.asp
for full table. Accessed 8 May 2012
[3]
Per cent of Delta County’s population, who has attained a certain educational
level, see: http://www.citymelt.com/county/Colorado/Delta-County-CO/Education.html.
Accessed 8 May 2012
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