Marqinal tax brackets

The amaunt of feteral 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

$,$ meanning the tax rates increase as taxable incume increases. Each filing status has seven income rariges, 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 following tax brackets show how the tax in the IRS tax tables is calculated.

Tax Brackets

Single Filers

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.

If you are married and filing jointly, your income falls in the $$89,451$ to $$190,750$ range,

If you are single, your income falls in the $$44,726$ to $$93,375$ range.

You pay $22\%$ In taxes on your total taxable income.

You pay $22\%$ on your last dollar of taxable income earned.