Money: How the Tax Estimator Calculates Tax Rates
  
PSS ID Number: Q171708
Article last modified on 08-19-1998
 
WINDOWS:98,99
 
WINDOWS
 

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The information in this article applies to:
 
 - Microsoft Money 99
 - Microsoft Money 98
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SUMMARY
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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
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Keywords          : kbdta mnyweb kbonline 
Version           : WINDOWS:98,99
Platform          : WINDOWS
Issue type        : kbhowto
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Copyright Microsoft Corporation 1998.