The amount of federal 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 , meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, 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 2019 tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket 10% 12% 22% 24% 32% 35% 37% 2019 Tax Brackets Single $0-$9,700 $9,701-$39,475 $19,401-$78,950 $39,476-$84,200 $78,951-$168,400 $84,201-$160,725 $168,401-$321,450 $160,726-$204,100 $321,451-$408,200 $204,101-$510,300 $408,201-$612,350 Married Filing Jointly $0-$19,400 $510,301+ $612,351+
The amount of federal 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 , meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, 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 2019 tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket 10% 12% 22% 24% 32% 35% 37% 2019 Tax Brackets Single $0-$9,700 $9,701-$39,475 $19,401-$78,950 $39,476-$84,200 $78,951-$168,400 $84,201-$160,725 $168,401-$321,450 $160,726-$204,100 $321,451-$408,200 $204,101-$510,300 $408,201-$612,350 Married Filing Jointly $0-$19,400 $510,301+ $612,351+
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter9: Individuals As Taxpayers
Section: Chapter Questions
Problem 4CE
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