Your tax bracket is determined by both your taxable income and whether you file as a single taxpayer, married filing jointly, married filing separately, or head of household.
Your bracket is determined by both your taxable income — ordinary income such as wages, investment interest, and retirement distributions minus adjustments and deductions — and whether you file as a single taxpayer, married filing jointly, married filing separately, or head of household.
“Right now, tax rates are at historic lows in the nation’s history,” said Logan Allec, a certified public accountant, who noted that rates at times have exceeded 90% in the past. “There have become fewer tax brackets and rates have generally become lower — especially at the higher-end of the spectrum.”
Single taxpayers:Married filing jointly or qualifying widow:Head of household:Married filing separately:Progressive, marginal, and effective tax ratesIt’s important to understand that the tax rate you pay isn’t flat. Instead, it’s progressive, so that taxpayers pay higher rates as their income increases.
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