1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the TRS tax rate tables. The income tax tables are meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. As your taxable income increases, you pay at a higher rate, but only on the income that falls within a range. The 2019 tax brackets show how the tax in the IRS tax tables is calculated. 2019 Tax Brackets Tax Bracket Single Married Filing Jointly 1094 $0-$9,700 $0-$19,400 1216 $9,701 - $39,475 $19,401378,950 226 $39.476$84,200 $78,951-$168.400 24 $84,201-$160,725 5165,401-$321,450 92% $100,726 - $204,100 $321,451-3408.200 05% $204,101 - 3510,300 3408,201-5612,350 37% $510,301- 5612,351 Use the tax bracket information to fill in the missing amounts in the following tax table. Taxable Income $0-$9,700 $9,701-$39,475 $39,476-$84,200 $84,201-$160,725 $160,726-$204,100 $204,101-$510,300 $510,3014 Single Filers Tax of taxable income plus plus plus plus of excess over $9,700 of excess over $39,475 of excess over $84,200 of excess over $160,725 of excess over $204,100 of excess over $510,300 plus plus A first step to tax planning is to know your tax bracket and how close you are to the nearest tax brackets. What does it mean to be in the 22% tax bracket? Check all that apply. You pay 22% on your last dollar of taxable income earned. If you itemize your deductions and you contribute $1,000 to charity, you get a deduction worth $220, so your cost of the charitable contribution is $780 after taxes. You pay 22% in taxes on your total taxable income. If you are single, your income falls in the $39,476 to $84,200 range