Legal Question in Family Law in California
If I agreed to pay 4% of the first $100,000 of funds submitted to probate and that amount is $40,120, am I obligated to make payment on the $40,120? Or am I released from payment because funds did not total $100,000 but only $40,120?
Asked on 8/16/12, 4:34 pm
1 Answer from Attorneys
Without knowing the full details and language of the agreement to which you refer, I cannot say for sure. Generally, however, if you are to pay a percentage on the "first $x.xx" that means UP TO the first $x.xx. For example, for 2011, the income tax for a single person started at 10% on the first $8,500 of taxable income from line 43, then 15% on the next 22,000, and so on. That does not mean you pay NO tax if you have less than $8,500 in taxable income.
Answered on 8/16/12, 4:57 pm
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