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 IRS 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. Tax Bracket 10% 12% 229 2454 2019 Tax Brackets Single Married Filing Jointly 50-39,700 $0-$19,400 $9.701-539,475 $19,401-$78,050 $39,476-584,200 $78,951-$168,400 $84,201-$160,725 $168,401 - $321,450 $160,726-5204,100 $321.451-$408,200 $204,101-$510,300 $408,201-5612,350 $510,301+ $612,351+ -3296 3596 379 Use the tax bracket information to fill in the missing amounts in the following tax table. Tools Single Filers Taxable Income 1s Tax $0-$9,700 $9,701-$39,475 $39,476-$84,200 $84,201-$160,725 $160,726-$204,100 $204,101-$510,300 $510,301+ of taxable income 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 plus A first step to tax planning is to know your tax bracket and how dose 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% in taxes on your total taxable income. You save 22% in taxes on your last dollar of allowable deductions. If you are married and filing jointly, your income falls in the $78,951 to $168,400 range. You pay 22% on your last dollar of taxable income earned