2016 Tax Rate Schedule

Single:

  • If taxable income is over $0, but not over $$9,275, the tax is 10% of the amount over $0
  • If taxable income is over $9,275, but not over $37,650, the tax is $927.50 plus 15% of the amount over $9,275
  • If taxable income is over $37,650, but not over $91,150, the tax is $5,183.75 plus 25% of the amount over $37,650
  • If taxable income is over $91,150, but not over $190,150, the tax is $18,558.75 plus 28% of the amount over $190,150
  • If taxable income is over $190,150, but not over $413,350, the tax is $46,278.75 plus 33% of the amount over $190,150
  • If taxable income is over $413,350, but not over $415,050, the tax is $119.934.75 plus 35% of the amount over $413,350
  • If taxable income is over $415,050 the tax is $120,529.75 plus 35% of the amount over $415,050

Married Filing Jointly or Qualifying Widow(er)

  • If taxable income is over $0, but not over $18,550, the tax is 10% of the amount over $0
  • If taxable income is over $18,550, but not over $75,300, the tax is $1,855 plus 15% of the amount over $18,550
  • If taxable income is over $75,300, but not over $151,900, the tax is $10,367.50 plus 25% of the amount over $75,300
  • If taxable income is over $151,900, but not over $231,450, the tax is $29,517.50 plus 28% of the amount over $151,900
  • If taxable income is over $231,450, but not over $450,100, the tax is $51,791.50 plus 33% of the amount over $231,450
  • If taxable income is over $450,100, but not over $466,950, the tax is $111,818.50 plus 35% of the amount over $450,100
  • If taxable income is over $466,950 the tax is $130,578.50 plus 39.6% of the amount over $466,950

Married Filing Separately

  • If taxable income is over $0, but not over $9,275, the tax is 10% of the amount over $0
  • If taxable income is over $9,725, but not over $37,650, the tax is $927.50 plus 15% of the amount over $9,275
  • If taxable income is over $37,650, but not over $75,950, the tax is $5,183.75 plus 25% of the amount over $37,650
  • If taxable income is over $75,950, but not over $115,725, the tax is $14,758.75 plus 28% of the amount over $75,950
  • If taxable income is over $115,726, but not over $206,675, the tax is $25,895.75 plus 33% of the amount over $115,726
  • If taxable income is over $206,675, but not over $233,475, the tax is $55,909.25 plus 35% of the amount over $206,675
  • If taxable income is over $233,475 the tax is $65,289.25 plus 39.6% of the amount over $233,475

How Shasta County Stacks Up In Affordability

Surprising enough, Shasta County is doing pretty well compared to the rest of California, when it comes to home affordability. In Shasta County the median household income is $46,870, the median home price is $231,820, the house price that a median income household can afford is $236,910, which makes a difference of -$5,090 (or -2.1%); this means that homes are affordable within Shasta County – with Shasta County being one of the six areas that can boast this (the others being San Bernardino, Fresno, Kings County, Madera, Merced, & Tulare). Following is a breakdown of how California, Sacramento, Santa Cruz, Los Angeles, and San Francisco are fairing compared to us:

  • California: $60,240 median income, $446,980 median price, $304,490 price that median income household can afford, $142,490 difference (46.8%)
  • Sacramento: $53,880 median income, $282,770 median price, $272,310 price that median income household can afford, $10,460 difference (3.8%)
  • Santa Cruz: $70,960 median income, $672,570 median price, $358,650 price that median income household can afford, $313,918 difference (87.5%)
  • Los Angeles: $54,510 median income, $436,010 median price, $275,530 price t hat median income household can afford, $160,481 difference (58.2%)
  • San Francisco: $75,910 median income, $1,247,570 median price, $383,670 price that median income household can afford, $863,899 difference (225.2%)

Home Buyer Fun Facts

40% of home buyers have an annual income of $57,200. These individuals generally fall within the first time home buyer category.
When it comes to credit files and scores, it determines the loan rate and the amount that can be borrowed. For example: For a home less than $200,000 at a rate of 6.25%, on a 30-year note the monthly payment would be approximately $1,650 – which should be 34% of the buyers annual income.

The number one reason behind buyers wanting to purchase a home is simply that there is the desire to own their own home. Some other reasons are that there is a desire for more space (or even less space) and because of job relocation.