What Tax Bracket Am I In?

By mfishman

To determine the exact tax bracket you are in you will need to know exactly what the total of your income and the value of other assets equals. In the US there are only a few different tax brackets, but the exact rate a single taxpayer will be subjected to depends upon many different factors. Each person has the potential to pay either more or less than another based upon the deductions and credits that they qualify for as well. You can however get a general idea based upon the standard tax brackets.

What Income Levels Separate These Brackets?

The first income level to determine what tax bracket you are in is very small and starts at a little over $8,000. At this level a person can expect to pay roughly 10% of their income to the government. The next level is between the previous one and $34,000. Those individuals that fall into that range can expect to pay on average 15% of their income. Moving up again the next cut off is $82,000 and you would pay about 25% of your total income in taxes. $172,000 is the next cutoff level and sees 28% tax. $373,000 is next in progression with an overall percentage being taken of 33%. After that the level has no limit and there is at least a 35% tax on all income.

What Else Will Determine Your Tax Burden?

While those number can give you a general idea of what tax bracket they are in, it isn’t the exact amount you will have to pay. For example if you have children or are attending college you will be able to claim the costs associated with them as deductions.

Related posts:

1. Is It Better If I Am In A Lower Tax Bracket?
2. Why Does It Matter What Tax Bracket I Am In?
3. Is My Federal Tax Bracket My Average Tax Rate?
4. What Is Tax Bracket Shifting?
5. Where Do I Fall On The Federal Income Tax Tables?