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- To calculate your tax bracket, you need to12:
- Determine your taxable income, which may be lower than what you actually made during the year.
- Find your tax bracket based on your taxable income.
- Your bracket shows you the tax rate that you will pay for each portion of your income.
- The lowest possible tax rate of 10 percent is applied to the first $9,525 of your income.
- The next portion of your income is taxed at the next tax bracket of 12 percent.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Your tax bracket is determined by the highest dollar you earned, based on your taxable income, which may be lower than what you actually made during the year. For example, let’s say you earned $60,000 in 2022 and filed as a single taxpayer. After deductions and adjustments, $50,000 of that income may be taxable.
www.forbes.com/advisor/taxes/tax-bracket-calculator/Your bracket shows you the tax rate that you will pay for each portion of your income. For example, if you are a single person, the lowest possible tax rate of 10 percent is applied to the first $9,525 of your income in 2020. The next portion of your income is taxed at the next tax bracket of 12 percent.
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