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Friday, November 30, 2012

Tax Rates in Australia vs USA

How income tax rates in the US compares to the tax rates in Australia? Apparently we have better tax rates here in the US:

Marginal tax rates for 2012  in the US

Marginal Tax Rate Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household
10% $0 – $8,700 $0 – $17,400 $0 – $8,700 $0 – $12,400
15% $8,701 – $35,350 $17,401 – $70,700 $8,701 – $35,350 $12,401 – $47,350
25% $35,351 – $85,650 $70,701 – $142,700 $35,351 – $71,350 $47,351 – $122,300
28% $85,651 – $178,650 $142,701 – $217,450 $71,351 – $108,725 $122,301 – $198,050
33% $178,651 – $388,350 $217,451 – $388,350 $108,726 – $194,175 $198,051 – $388,350
35% $388,351+ $388,351+ $194,176+ $388,351+
Source: Wikipedia

Marginal Tax Rates for 2012 in Australia

Taxable income Tax on this income
0 - $18,200 Nil
$18,201 - $37,000 19c for each $1 over $18,200
$37,001 - $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 - $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

Anybody still want to live in Australia? :))