Microsoft KB Archive/171708

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Money: How the Tax Estimator Calculates Tax Rates

PSS ID Number: Q171708 Article last modified on 08-19-1998

WINDOWS:98,99

WINDOWS

======================================================================

The information in this article applies to:

  • Microsoft Money 99
  • == Microsoft Money 98 ==

SUMMARY

The Tax Estimator calculates using the following default tax rates:

Money 99

Income Rate
from $0 to $24,649 is taxed at 15%.
from $24,650 to $59,749 is taxed at 28%.
from $59,750 to $124,649 is taxed at 31%.
from $124,650 to $271,049 is taxed at 36%.
from $271,500 and up is taxed at 39.6%.

Money 98

Income Rate
from $0 to $23,349 is taxed at 15%.
from $23,350 to $56,549 is taxed at 28%.
from $56,550 to $117,949 is taxed at 31%.
from $117,950 to $256,499 is taxed at 36%.
from $256,500 and up is taxed at 39.6%.

MORE INFORMATION

Every time you connect to the Internet from Money, the tax rates, deductions, and exemption amounts are updated for you. If you do not have a modem, you can manually change these figures on the Tax tab of the Options dialog box. If you don?t want Money to update the tax rates when you connect to the Internet, clear that option on the Online Services tab of the Options dialog box.

Update via the Internet

To update the information from the Internet, follow these steps:

  1. On the Tools menu, click Update Internet Information.
  2. If this is the first time you have updated, select your Internet Service Provider from the menu or click Use Proxy.

After all online information is updated, you receive a Call Summary stating that your call completed successfully.

Update Manually

To update the information manually, follow these steps:

  1. On the Tools menu, click Options.
  2. Click the Tax tab.
  3. In the “Show rates for filing status” list, click Custom. You may then adjust the income range and rates.

Additional query words: 6.0 7.0 w_money hat taxes 1040 IRS

Keywords : kbdta mnyweb kbonline Version : WINDOWS:98,99 Platform : WINDOWS Issue type : kbhowto ============================================================================= Copyright Microsoft Corporation 1998.