Finding out your tax bracket is of great importance as it helps determine how much of your income is taxed. Taxpayers who find it difficult to determine what tax bracket they fall under will find a new post on National Tax Report worth reading. The post reveals the IRS tax bracket rates for singles, head of households and married couples filing together. It also reveals how taxpayers can determine what tax bracket they fall under using a tax bracket calculator.
Tax brackets are based on one’s entire income which includes income from salaries to earnings from investments or even profit from selling a property. It is also not a standard percentage as taxpayers are not required to pay a definite tax rate on their entire income. This is because only part of a taxable income that falls into a higher tax bracket threshold is taxed at a higher rate. The part that falls below the threshold is taxed at the lower rate.
For single taxpayers, the IRS tax brackets for the 2018 tax filing season are as follows:
- $9,525 or under means you will be taxed at 12%.
- Up to $38,700 and you will be taxed at a rate of $9525, in addition to a 12% tax rate of your income that falls solely in this threshold.
- Up to $82,500 and you’ll see a tax rate of 22%. This is $4,453 on top of this.
- Up to $157,500 is a rate of 24%. But that’s $14,089.50, on top of that.
- Anything up to $200,000 is a rate of 32%, plus $32,089.50
If you are ready to determine your tax bracket, National Tax report recommends that you use the TurboTax tax calculator today. The calculator only requires that you enter some basic information about your taxable income and filing status and you will find out exactly which tax bracket you will fall into.
To find out the IRS tax bracket rates for head of households, married couples filing together and self-employed people, please read the original post on National Tax Report here, https://nationaltaxreports.com/find-tax-bracket-calculator/