How to Figure Your Tax Bracket

Your tax bracket is the percentage at which some of your money will be taxed. Income taxes in the United States are incremental; you pay each tax bracket's percentage on the income that falls within that specific bracket. You generally refer to the highest bracket you pay as your tax bracket. Calculate your tax bracket with a two-step process to determine how close you are to being assessed at a higher rate. Take steps -- such as charitable giving or contributing more to your 401k -- to avoid paying more in taxes.

Instructions

1. Figure out your total yearly income, including earnings, winnings, gifts and any other taxable revenue.

2. Determine your filing status, which is most commonly based on your marital status. Your filing status for the year is whatever your status was on December 31 of that year. This means that if you get married in November, the IRS will consider you married for the entire year.

3. Look at the IRS tax table for the current tax year. Brackets are based on your filing status and income, so ensure you use the appropriate table.

Tips & Warnings

• The IRS tax rate schedules change moderately every year, so use the most current ones to determine your tax bracket.

References

• Fair Mark: Tax Rate Schedules

Resources

• Read this Article in Spanish