How your tax bracket matches up with America's biggest companies
By Dian Vujovich
By now you’re probably keenly aware of the 2010 tax bracket your adjusted gross income fell into. What you might not know is the rate America’s largest 20 companies were taxed at. But Forbes.com does and wrote about it.
You’ll find all the particulars in a couple of stories the magazine published online last week. The Web addresses of each are at the end of this piece. Until then, here’s a nutshell overview. FYI, I’ve combined both the single with the married filing jointly tax brackets in the next paragraph, which is why the income ranges are so broad.
So,the percentage you’d pay Uncle Sam on your adjusted gross income would be: 10 percent if income ranged from 0 dollars to $16,750; 15 percent it it’s between $8,375 and $68,000; 25 percent from $34,000 to $137,300; 28 percent from $82,400 to $209,250; 33 percent from $171,850 to $373,650; and 35 percent for everyone— single or married and filing jointly—with adjusted gross incomes of $373,650 or more.
Here’s the scoop on the percentage rate 10 of America’s 20 largest corporations paid in taxes. The list begins with the five companies that paid the least percentage wise, followed by the five that paid the most.
•AT&T, no tax. In fact it was -6.4 percent.
•General Electric: 7.4 percent.
•Coca-Cola: 16.7 percent.
•Citigroup: 16.9 percent
•Hewlett-Packard: 20.2 percent
As an aside, Apple and Google’s tax rate were 24 percent and 21 percent, respectively.
On the high end came the following.
•Wells Fargo: 33.9 percent
•Goldman Sachs: 35 percent
•Chevron: 40 percent.
•Conoco Phillips: 42 percent.
•Exxon Mobile: 45 percent.
See all of the top 20 companies and read Forbes.com’s explanations for each estimate at http://tinyurl.com/667ekxt .
The full story, “What The Top U.S. Companies Pay in Taxes” by Christopher Helman, can be found at http://tinyurl.com/3fjwlk4 .
To read more articles, please visit the column archive.