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Which Tax Bracket are you a Part of?

Which Tax Bracket are you a Part of?

Which Tax Bracket are you a Part of?

Knowing which tax bracket you are a part of is extremely beneficial when budgeting for the year. You have the option to file as single, married filing jointly, or head of household. The tax rates are consistent for each bracket, although the income amounts will vary, as seen below.

Single Taxable Income

• 10% Rate – Taxable Income Bracket of $0 to $9,325, owing 10% of taxable income
• 15% Rate – Taxable Income Bracket of $9,325 – $37,950, owing $932.50 and 15% of any additional income over $9,325
• 25% Rate – Taxable Income Bracket of $37,950 – $91,900, owing $5226.25 and 25% of any additional income over $37,950
• 28% Rate – Taxable Income Bracket of $91,900 – $191,650, owing $18,713.75 and 28% of any additional income over $91,900
• 33% Rate – Taxable Income Bracket of $191,650 – $416,700, owing $46,643.75 and 33% of any additional income over $191,650
• 35% Rate – Taxable Income Bracket of $416,700 – $418,400, owing $120,910.25 and 35% of any additional income over $416,700
• 39.60% Rate – Taxable Income Bracket of anything over $418,400, owing $121,505.25 and 39.6% of any additional income over $418,400
Married Filing Joint Taxable Income
• 10% Rate – Taxable Income Bracket of $0 to $18,650, owing 10% of taxable income
• 15% Rate – Taxable Income Bracket of $18,650 – $75,900, owing $1,865 and 15% of any additional income over $18,650
• 25% Rate – Taxable Income Bracket of $75,900 – $153,100, owing $10,452,50 and 25% of any additional income over $75,900
• 28% Rate – Taxable Income Bracket of $153,100 – $233,350, owing $153,100 and 28% of any additional income over $153,100
• 33% Rate – Taxable Income Bracket of $233,350 – $416,700, owing $52,222.50 and 33% of any additional income over $233,350
• 35% Rate – Taxable Income Bracket of $416,700 – $470,700, owing $112,728 and 35% of any additional income over $416,700
• 39.60% Rate – Taxable Income Bracket of anything over $470,700, owing $131,628 and 39.6% of any additional income over $470,700

Head of Household Taxable Income

• 10% Rate – Taxable Income Bracket of $0 to $13,350, owing 10% of taxable income
• 15% Rate – Taxable Income Bracket of $13,350 – $50,800, owing $1,335 and 15% of any additional income over $13,350
• 25% Rate – Taxable Income Bracket of $50,800 – $131,200, owing $6,952.50 and 25% of any additional income over $50,800
• 28% Rate – Taxable Income Bracket of $131,200 – $212,500, owing $27,052.50 and 28% of any additional income over $131,200
• 33% Rate – Taxable Income Bracket of $212,500 – $416,700, owing $49,816.50 and 33% of any additional income over $212,500
• 35% Rate – Taxable Income Bracket of $416,700 – $418,400, owing $117,202.50 and 35% of any additional income over $416,701
• 39.60% Rate – Taxable Income Bracket of anything over $444,500, owing $126,950 and 39.6% of any additional income over $444,500

Personal Tax Return Experts

If you’re looking for assistance with your personal tax returns, trust the experienced team at Sherbetjian. Not only will we ensure that your taxes are properly filed on time, but we take the time to personally ensure you receive every refund you are entitled to. Call us today at (805) 230-0085.

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