Taxes

2009 IRS Federal Income Tax Schedules – Tax Brackets

A few weeks ago, as I was searching the IRS website (for an unrelated publication), I stumbled across this PDF File, outlining the 2009 IRS Federal Income Tax Rate Schedules.  These rate schedules define various tax brackets.  It’s always good to have an idea of which tax bracket you are in, so that you can figure your effective tax rate.  Remember, your tax bracket and your effective tax rate are two entirely different things! Single Filing 10% on income between $0 and $8,350 15% on income between $8,350 and $33,950; + $835 25% on income between $33,950 and $82,250; +$4,675 28% on income between $82,250 and $171,550; + $16,750 33% on income between $171,550 and $372,950; + $41,754 35% on…

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Debit Cards

Visa Debit Cards More Popular Than Visa Credit Cards

Are people falling in love with their debit cards? During the quarter ending December 31, 2008, people made $203 billion in purchases using their Visa credit cards.  During that same period, people made $206 billion in purchases using their Visa debit cards.  (You can read more by viewing Visa’s latest SEC Filing.  These figures are for U.S. purchases only.) Also, during the year 2008, the number of credit cards in use rose 2%, from 706 million to 813 million, as compared to the year 2007.  Over that same time, the number of credit cards in use rose 14%, from 795 million to 905 million.  (These figures appear to be for world-wide use.) Either way you look at it, debit cards…

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Retirement

12 Months To A Fully-Funded Roth IRA

Are you a procrastinator?  Good news.  Even if you missed the first four months of 2009,  you still have a full “year” to make contributions!  That’s right.  The contribution time-table runs from January 1, 2009 until April 15, 2010. For most folks, the annual contribution limit for a Roth IRA is $5000.  (See IRS Publication 590 for complete information about contribution and income limits.)  If you start making contributions May 1st, at a rate of $416.67 per month, and make contributions each month until April 1st, you will have fully-funded (made maximum contributions to) your Roth IRA. Even if you can’t fully-fund your Roth IRA, you might want to consider making contributions, even small ones.  Remember, after April 15, 2010,…

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