what are tax brackets?

tackling income taxes

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what's in this lesson?

Yep, it’s true. Not everyone pays the same in taxes. That’s because our country has a progressive tax system and tax brackets. No, not like a March Madness bracket. Get to know federal tax brackets, you’ll be bffs before you know it!

what are tax brackets?

tackling income taxes

Yep, it’s true. Not everyone pays the same in taxes. That’s because our country has a progressive tax system and tax brackets. No, not like a March Madness bracket. Get to know federal tax brackets, you’ll be bffs before you know it!

what's in this lesson?

Yep, it’s true. Not everyone pays the same in taxes. That’s because our country has a progressive tax system and tax brackets. No, not like a March Madness bracket. Get to know federal tax brackets, you’ll be bffs before you know it!

overview

What are tax brackets?

 

Federal tax brackets are a big determinant of taxes paid and they’re changing frequently, so listen up!

 

A couple key things to pay attention to are:

  • Tax brackets change every year
  • Based on cost of living changes, the IRS will adjust tax brackets from year to year. So, be sure to look and keep track because, even if your income doesn’t change from the year prior, the amount of taxes you have to pay might.
  • You could move from one bracket to the next
  • Keep track of this one too, because if you get a raise, you might be paying more in taxes. Tax bracket tiers are based on a range of income, so make sure you know where you fall!

Generally, federal tax brackets and income taxes are a complicated and controversial issue. Especially in the political world. And, they impact everyone. Do your best to keep up to date on how things are changing and you can avoid surprises come tax time.

overview

What are tax brackets?

 

Federal tax brackets are a big determinant of taxes paid and they’re changing frequently, so listen up!

 

A couple key things to pay attention to are:

  • Tax brackets change every year
  • Based on cost of living changes, the IRS will adjust tax brackets from year to year. So, be sure to look and keep track because, even if your income doesn’t change from the year prior, the amount of taxes you have to pay might.
  • You could move from one bracket to the next
  • Keep track of this one too, because if you get a raise, you might be paying more in taxes. Tax bracket tiers are based on a range of income, so make sure you know where you fall!

Generally, federal tax brackets and income taxes are a complicated and controversial issue. Especially in the political world. And, they impact everyone. Do your best to keep up to date on how things are changing and you can avoid surprises come tax time.

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