Choosing Federal Tax Table Is Simple
The Federal tax table outlines the percentage amount you’re required to pay in tax on the money you earn throughout the financial year. The amount you earn will dictate in which bracket you fit.
There are several ways to calculate how much tax you are liable to pay, but your first step should be to consider the federal tax table.
The following Federal Tax Table is for a single person:
* If you earn between $0 and $8,350 then your tax bracket is 10%
* If you earn between $ 8350 and $ 33,950, your tax bracket is 15%
* If you earn between $ 33,950 and $ 82,250, your tax bracket is 25%
* If you earn between $82,250 and $171,550 then your tax bracket is 28%
* If you earn between $ 171,550 and $ 372,950, your tax bracket is 33%
* If you earn between $ 372.950 and your tax bracket is 35%
The following Federal Tax Table is for a married couple filing jointly:
* If you earn between $ 0 and $ 16,700, your tax bracket is 10%
* If you earn between $ 16,700 and $ 67,900, your tax bracket is 15%
* If you earn between $67,900 and $137,050 then your tax bracket is 25%
* If you earn between $ 137,050 and $ 208,850, your tax bracket is 28%
* If you earn between $ 208,850 and $ 372,950, your tax bracket is 33%
* If you earn between $372,950 and above then your tax bracket is 35%
Before the time comes to file your irs tax return, you could potentially save yourself some money.
You may even be able to increase the amount of tax return you could receive by figuring out how much you’ve earned throughout the financial year and then working through how many possible tax deductions you’re eligible for.
When you calculated what your new taxable income is likely to be after taking into account your deductions, you will find that you may have reduced your income far enough to fall into a lower the federal tax table.
Another option you might want to consider is that if you are currently partnered and you usually file your taxes as married filing jointly, then take some time to work out the difference in tax rates if you were to file your taxes instead as married filing separately.
The Federal Tax Table shows a distinct difference in the income amounts allowable before you jump into the next bracket.
Her name is Anne Durrel, originally comes from California. She has written several articles about IRS . Check out her other guide on federal tax table tips, and irs tax return guide!
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