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 109 12% 22% 2019 Tax Brackets Single Married Filing Jointly $0-$9,700 $0-$19,400 $9,701 --$39,475 $19,401-$78,950 $39,476-$84,200 $78,951-$168,400 $84,201-$160,725 $168,401-$321,450 $160,726-$204,100 $321,451 --- $408,200 $204,101-$510,300 $408,201-5612,350 $510,301+ $612,351+ 24% 329 35% 37% Use the tax bracket Information to fill in the missing amounts in the following tax table. Single Filers Taxable Income Tax of taxable income plus plus $0-$9,700 59,701-$39,475 $39,476-$84,200 $84,201-$160,725 $160,726-$204,100 $204,101-$510,300 $510,301+ 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 close you are to the nearest tax brackets What does it mean to be in the 22% tax bracket? Check all that apply. You save 22% in taxes on your last dollar of allowable deductions. You pay 22% in taxes on your total taxable income. If you are married and filing jointly, your income falls in the $78,951 to $168,400 range. 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