10 - February 5, 2010
Patriot
Community Sports
Hockey Falls to Bishop Guertin
by nullrnull Whnulle the Devils to take the victory, nullnull
The Salem nullue Devil hockey team hosted numbernullne ranked nullshop nullertin came out strong and
nullshop nullertin in a home game at the nullenter on Saturda
Patriot
y managed to take a nullnulllead by the end of
afternoon. The Cardinals, coming into the contest with a the first. Do
Community Sports
wn two goals, Salem focused
nullnullnullrecord in Division null proved to be a tough match for Salem. on making a comeback to erase its deficit.
nullertin built a lead by the end of the first period and then held off The teams held each other scoreless in the
second, though, and Salem was running
out of time. null the final period, Salem
finally managed to score three goals, but
the Cardinals matched the nullue Devils by
heat
food/
clothing
Maintaining Your
scoring three of their own. nullertin sustained
entertainment
Salem’s threat and finished the game with a
savings
taxes
Piece of the Pie
twonulloal victory.
shelter
The Tax Rate Schedule
W.F.Boutin EA - Total Tax Solutions LLC
Last week, we left off at the calculation of our taxable income, and
now we need to understand how tax is calculated from this number.
ith this knoW wledge, we will have the foundation for explaining how
deductions, credits and various fringe benefits available to many
taxpayers can affect your individual situation.
There are several tax brackets established by the tax code being the
photos by nullris nullhite
10%, 15%, 25%, 28%, 33%, and 35%. Each percentage has a
Salem’s defense thwarts a Gnullrtin scoring opportnullity
“bracket” of income allocated to it, based upon a particular filing
status. This table is known as the Tax Rate Schedule.
For instance, the 2009 tax rate schedule shows that the 10% tax
Dakota nullnullennulle, nullosh Cavallaro, nullen
bracket for a single individual is from $0 to $8350, whereas the 10% nullranuller, and nullandon Travaglini all scored one
tax bracket for a taxpayer who qualifies as a head of household is $0 to
goal apiece for Salem. nullames nullillis led the
$11,950.
A single person, who has taxable income of $15,025, has a tax
Devils in assists with two, while Travaglini
liability of $1836 taken from the tax tables. The first $8350 is taxed at
had one assist. nullalie Chad nullvingston also
10%; the balance of $6675 is taxed at 15%. The $1836 tax liability is
grabbed null saves in the defeat.
12.22% of the $15,025 taxable income. This 12.22% is the mean of the The loss dropped Salem to in nullnullnull Division
two percentage brackets (10% and 15%) used to calculate the tax.
nullplay. The team’s nenull home game is against
Based upon this schedule, a single person starts to pay 15 cents on
the dollar at $8350, .25 @ $33,950, .28 @ $82,250, .33 @ $171,550
nullshua South on Saturday at the nullenter. The
and .35 @$372,950. ith this understanding, we can see that a W
first puck is scheduled to drop at nullnull p.m.
taxpayer may have gross income in a 25% tax bracket, but if they have
enough deductions, they can lower their taxable income to a 15% tax
Salem’s nullosh nullavallaro controls the pnullk as nullrandon nullravaglini looks to get open
bracket.
Deductions that lower the gross income come in many forms.
Adjustments allowed on the tax return to arrive at the AGI, lowers this
BoysnullGymnastics nulleam nullopples Lonullell on nullnior Night
income which results in a lower AGI and lower taxable income. The
standard /itemized deduction and exemptions lower the taxable
income but not the AGI. Various fringe benefits (Cafeteria or Section
by nullrnull Whnulle an null nulleiner since nullnull. nulls allnullround score of null.nullalso tied another
125 Plans) offered by employers allow a taxpayer to pay for certain The Salem boys’ gymnastics team hosted its final home meet of the school record set by nulleiner in nullnull. nullles also earned scores of nullnull
benefits before taxes are withheld. This also lowers their earned income
season on nullednesday, nullanuary null. The nullue Devils ousted nullwell by on the nullor, nullnullon vault, nullnullon the rings, nullnullon the parallel bars, and
reported on line 7, which consequently lowers the AGI and the taxable
income for that taxpayer. How much it saves any taxpayer is propor-
an overall score of nullnullnullnullnull improving their record to nullnullon the nullnullon the high bar.
tionate to where their taxable income would be without the benefit.
season. null was the final home contest for the careers of seniors Adrian ymond had a solid meet for the Devils as well, coming in second null
(The single taxpayer in the example above saves .15 on every dollar
Cayabyab, null nullroian, nullck nullles, nulltthew nullatel, Dan nullymond, Dan in the allnullround with a null.null null took second place on the nullor, high
that they lower their taxable income of $15,025, until they would nullnalds, nulleffrey Spanos, nullic Teuber, and nulloe Trovato. nullith their hard bar, and parallel bars. null also finished third on the pommel bars and
lower it below $8350, when they would then start to save only .10 on
work and dedication, they have been integral members of the boys’ the rings, and tied for third on vault. nullymond’s best score of the night
the dollar.)
Examples of fringe benefits offered by employers are health insurance,
gymnastics program at Salem. was a nullnullin the nullor enullrcise. nulls second best was a nullnullin the vault.
life insurance, dependent care assistance, Health Savings Accounts for
nullles dominated the meet once again, winning every competition Trovato and nullnalds stepped up and turned in nullality performances
taxpayers who have eligible, high deductible health insurance policies,
and setting records in the process. nullirst, he set a new school record in the final home meet of their careers. Trovato scored a nullnullto take
and medical savings accounts for out of pocket medical expenses to in the pommel bars with a nullnull breaking the mark previously held by third place on the parallel bars, and a nullnullto tie for third on vault, while
name a few. Usually these types of benefits not only save on federal
nullnalds registered a nullnullto tie for third on the high bar.
and state taxes, but are not taxable income for Social Security/
Medicare with holding purposes as well, saving an additional 7.65%
for the taxpayer. Money contributed to 401K or IRA plans are pre-tax
for federal and state tax purposes only and are also a means of lowering
nulldoor nullrack nulleams nulline in
taxable income and AGI.
Remember, a lower AGI on the tax return is comparable to the
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benefits of lower cholesterol levels to the heart in most cases.
with Your
If Financial Freedom Final nullune-null for nullass L nullet
Many of the tax deductions and tax credits allowed by the tax code,
Voice
including itemized deductions and personal exemptions, phase out for
is Your Destination,
by nullrnull Whnulle
high income taxpayers. This phase-out range is calculated starting with
You Need To Get On Board,
null Sunday, nullanuary null, Salem’s indoor track teams competed in
the AGI found on the tax return as we will discuss in the near future.
a nullalifying meet at the nulliversity of nullw nullmpshire in Durham
Therefore concentrating on lowering the AGI of high tax bracket Extraordinary Business Call Today!!!
taxpayers is of the utmost importance. Next week: Itemized Deductions
once again. This time, though, the event served as a final tunenullp or
Have a tax question? E-mail taxquest@totaltxsolutions.com
Opportunity
a last chance to nullalify for the Class nullmeet at Dartmouth College
No Inventory, Deliveries
on Sunday, nullebruary null
or Collections
The boys’ team proved to be strong in the sprints again with
three of its athletes placing in the null meters. nullerickson nulledrick took
No Experience Necessary
second place in the event with a time of nullnullseconds, while nullss
No Employees
Davies and nulloao Abreu both clocked a time of nullnullseconds for fourth
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Hands Free Texts and fifth place, respectively. Abreu also bounded null feet, sinullandnull
onenulluarter inches to place fourth in the long nullmp.
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nullor the midnullonullong distance events, nullic Tahtamoni came in
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Dutton stopped the clock at nullnull.nullto come in ninth place in the
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nullnull meters. The nullue Devil relay teams thrived as well. The
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nullnullnullmeter relay team came in second place in its event with a
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time of nullnull.null and the nullnullnullmeter relay snullad registered a time of
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nullnull.nullto come in fifth.
The girls’ team also found strength in the shorter distances.
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nullatima Adigun turned in a nullnullsecond run for fourth in the nullnulleter
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coming in sinullh place with a time of null.nullseconds. null the nullnull
meters, nulllissa nullggins sprinted to a time of null.nullseconds for a
secondnulllace finish. The nullnior also grabbed third place in the long
nullmp with a leap that measured null feet, eightnullndnullnullalf inches.
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Alyssa nullmbert was the only distance runner for the girls’ team to
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relay team came in eighth place in its event with a time of nullnull.
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