Business, 23.09.2020 18:01 dylancasebere
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 what
meaning the tax rates increase as taxable income increases? Each filing status has seven income ranges, or
brackets, and the rates are 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. As your taxable income increases, you pay at a higher rate, but only on
the income that falls within a range. The 2016 tax brackets show how the tax in the IRS tax tables is calculated.
Answers: 2
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