How do i know my tax bracket?

[niyati]

I am struggling to determine the federal tax bracket that I should fall within in this year. I understand it is determined by income and filing status but I do not understand how to figure it out, and where to see the latest brackets. And any assistance would be welcome!

 

[daisyfrank]

You can determine your tax bracket by checking your annual taxable income and comparing it to the IRS tax brackets for the current year. Brackets vary based on your filing status (e.g., single, married).

 

[danisjohn]

You can find your tax bracket by checking your taxable income on your tax return and comparing it to the IRS tax brackets for your filing status (e.g., single, married). The IRS updates brackets yearly, so visit their official website or use a tax calculator for accurate results.

 

[maria]

• Collect all your income data: List your income data in the form of salary, bonuses, freelance, investments etc.
• Compute Your Adjusted Gross Income (AGI): Deduct some adjustments on your gross income like deductions of amounts you contributed to retirement benefit accounts or paid student loan interest.
• Find out your deductions: Figure out whether you want to claim the standard deduction or you wish to use the itemized deduction. Standard deduction is a fixed number depending on which filing status you choose and itemizing is claiming certain expenses e.g. medical costs or donations.
• There are deductions that you should take off your AGI: In doing so, you will get your taxable income.