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BAPCPA restricted the number of debtors that could declare Chapter 7 bankruptcy. The act sets out a method to calculate a debtor's income, and compares this amount to the median income of the debtor's state. If the debtor's income is above the median income amount of the debtor's state, the debtor is subject to a "means test." [2]
The following is a list of California locations by income. California had a per capita income of $29,906 during the five-year period comprising years 2010 through 2014. About every third county and every third place in California had per capita incomes above the state average. Though somewhat counterintuitive, this implies that counties and ...
There is an additional 1% tax (the California Mental Health Services Act tax) if your taxable income is more than $1,000,000, which results in a top income tax rate of 13.3% in California which is the highest statewide income tax rate in the United States. [42] The standard deduction is $4,601 for 2020. [43]
Considering state taxes only, paying taxes on $300,000 of taxable income (adjusted gross income) would leave a single taxpayer or married taxpayer filing separately with $275,447.15. $300,000 is ...
California’s statewide median household income is $84,097, according to census data, but 12.3% of residents reported living in poverty. These are the 10 poorest counties in California, according ...
The means test provides for a finding of abuse if the debtor's income is higher than a specified portion of their debts. If a presumption of abuse is found under the means test, it may be rebutted only in the case of "special circumstances". [9] Debtors whose income is below the state's median income are not subject to the means test.
The median income for single, full-time workers is $57,200, ... Based on calculations for one person from the California housing division, the median income limit is $66,600.
Annual median equivalised disposable income per person, by OECD country. [2]The median equivalised disposable income is the median of the disposable income which is equivalised by dividing income by the square root of household size; the square root is used to acknowledge that people sharing accommodation benefit from pooling at least some of their living costs.