We will start off with the basics and then get into actual numbers. First of all we start with a filing status category. We have a few to choose from. The filing statuses are; Married filing jointly or Qualifying widow(er) filing status, Married filing separately, Single filing status, and Head of household filing status.
Single Filing Status
Okay if you are in single the tax bracket, the tax rate can go from 10% to 35% depending on your income. We start out at 10% with an income between $0 and $8,350.
The rate is 15% for and income between $8,350 and $33,950 plus $835. As the income increases so does the tax rate and so does the added amount. The top bracket which is 35% is for an income over $372,950 plus $108.216.
Married Filing Jointly or Qualified Widow (er)
Now for this filing status we also have the tax rate that goes from 10% to 35%. The rate of 10% applies to an income from $0 to $16,700. The rate of 35% applies to an income over $372,950 plus $100,894.50.
Married Filing Separately
For this filing status we also have the tax rate going from 10% to 35%. I might as well tell you now all of the filing statuses have the tax rate going from 10% to 35%. For married filing separately we start at 10% for an income between $0 and $8,350. The 35% tax rate is for an income over $186,475 plus $50,447.25.
Head of Household
The head of household filing status is for people who own their own business. We start out at 10% for an income between $0 and $11,950. The 35% tax rate is for an income over $372,950 plus $104,892.50.
Finding Your Tax Bracket
If you would like help finding your tax bracket I suggest you visit Turbo Tax Online. Their software is so easy to use you won’t believe it unless you give it a try. The good news is you can try for free.
You don’t have to pay unless you decide to file your tax return. If you can answer simple questions about your life and the income you earn then, you will be able to use the TurboTax Online tax preparation software with no problems at all.
You are guaranteed the biggest refund or the lowest tax owed possible. Visit TurboTax Online today to discover even more benefits while using their software!
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