Net Income old new diff % $10,000 $0 $- $- 0% $20,000 $800 $- $800 4% $30,000 $1,800 $720 $1,080 4% $40,000 $3,268 $1,920 $1,348 3% $50,000 $4,768 $3,120 $1,648 3% $60,000 $6,268 $4,320 $1,948 3% $70,000 $7,768 $5,520 $2,248 3% $80,000 $9,268 $6,720 $2,548 3% $90,000 $10,978 $7,920 $3,058 3% $100,000 $13,478 $9,120 $4,358 4% $125,000 $19,728 $13,550 $6,178 5% $150,000 $25,978 $19,800 $6,178 4% $175,000 $32,525 $26,050 $6,475 4% $200,000 $39,525 $32,300 $7,225 4% $225,000 $46,525 $38,550 $7,975 4% $250,000 $53,757 $44,800 $8,957 4% $275,000 $62,007 $51,050 $10,957 4% $300,000 $70,257 $58,900 $11,357 4% $325,000 $78,507 $67,650 $10,857 3% $350,000 $86,757 $76,400 $10,357 3% $375,000 $95,007 $85,150 $9,857 3% $400,000 $103,257 $93,900 $9,357 2% $425,000 $111,507 $102,650 $8,857 2% $450,000 $120,183 $111,400 $8,783 2% $475,000 $128,933 $120,150 $8,783 2% $500,000 $138,511 $128,900 $9,611 2% $600,000 $178,111 $163,900 $14,211 2% $700,000 $217,711 $198,900 $18,811 3% $800,000 $257,311 $233,900 $23,411 3% $900,000 $296,911 $268,900 $28,011 3% $1,000,000 $336,511 $303,900 $32,611 3% $1,100,000 $376,111 $342,396 $33,715 3% $2,000,000 $732,511 $698,796 $33,715 2% $3,000,000 $1,128,511 $1,094,796 $33,715 1% $5,000,000 $1,920,511 $1,886,796 $33,715 1% $10,000,000 $3,900,511 $3,866,796 $33,715 0%
This doesn’t look right. I looked at last years tax tables. Using the round figure of an Adjusted Gross Income(AGI) = $100,000 the federal tax on that AGI amount was in the 16K range.
Does net income = adjusted gross income 1040 line 43?