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Note: The author is not a CPA or tax qualified. This article is for general information purposes, and might not be construed as tax advice. Readers are strongly inspired to consult their tax professional regarding their personal tax situation. What could be the rate? In the rate or rates enacted by Central Act almost every Assessment Calendar months. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable to your tax payer.

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1) An individual renting? Would you realize that the monthly rent is likely to benefit others and not you? Sure you get a roof over your head, but there it is! If you can, you need really buy a house. In case you are renting, your rent isn't deductible, but mortgage interest and property taxes 're. I was paid $78,064, which I'm taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) in a very 401k, making my federal income taxable earnings $64,744.

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