Blog / MutualBank

Latest Financial News

Warren Buffett gives away another $2.8 billion

Monday, July 6, 2015 3:08 pm

Warren Buffett gave away $2.8 billion worth of Berkshire Hathaway stock to five charities, the company said Monday.

MutualBank Secure Login

MutualBank Online Banking

 

Have suggestions or topic requests? Let us know.

  • Eight Steps to Simplify Your Finances

    Monday, May 2, 2011

    If time is a precious commodity for you, here are eight ideas to save time and reduce the stress and anxiety of managing your financial affairs.

    1. Enroll for direct deposit.  It eliminates trips to the bank and keeps your money working longer.
    2. Sign up for overdraft protection.  By linking your checking account to a savings account or line of credit you avoid the cost, hassle and embarrassment of a bounced check.
    3. Establish an automatic savings plan.  Regular, automatic transfers to a savings account will add up.
    4. Use electronic bill paying.  Eliminate the dreaded task of writing checks.
    5. Consolidate your financial relationships.  Dealing with one institution makes everything easier.
    6. Consider personal finance software.  Many programs make handling your finances easier and quicker.
    7. Build a safety cushion.  Be ready for unexpected expenses or use some extra for a special vacation.
    8. Review your investments.  Make sure your asset allocation matches your time horizon and risk tolerance.
  • What Does The Term "Tax Bracket" Mean?

    Monday, April 11, 2011

    The income tax laws are complex and constantly changing.  Yet, there is one theme that is constant and its understanding may help you identify ways to reduce your tax bill.

    The U. S. tax laws are built around a progressive, marginal rate structure.  Simply speaking, this means the higher your income, the higher the rate of tax you pay on your incremental income.

    Think of our tax system like stair steps.  Each step represents a “bracket” of income that is taxed at a certain rate.  The higher you go, the higher the tax rate on the income in that bracket.  “Segments” of income at lower levels are taxed at lower rates and “segments” of income at higher levels are taxed at higher rates.

     Here are the “brackets” and rates for 2011 tax returns.

     Income Tax Rate Schedules for 2011

    2011 Single Return Rate Schedule

     

    2011  Married Filing Jointly Rate Schedule

    Taxable income levels

    Tax rate

     

    Taxable income levels

    Tax rate

    0 to $8,500

    10%

     

    0 to $17,000

    10%

    $8,501 to $34,500

    15%

     

    $17,001 to $69,000

    15%

    $34,501 to $83,600

    25%

     

    $69,001 to $139,350

    25%

    $83,601 to $174,400

    28%

     

    $139,351 to $212,300

    28%

    $174,401 to $379,150

    33%

     

    $212,301 to $379,150

    33%

    Over $379,150

    35%

     

    Over $379,1500

    35%

    There is a great deal more to our income tax laws like the definition of taxable income, deductions, alternative minimum tax and lots more.  Discussing your tax situation with your tax advisor may help you identify ways to take advantage of this marginal rate system and keep your taxes as low as possible.

MutualBank on Twitter

MutualBank on Facebook

 
 
MutualBank