If your taxable income increases, the taxes you pay will increase. The amount you pay in taxes is dependent on your income. The brackets help determine how much money you need to pay the IRS annually.
Tax brackets were created by the IRS to implement America’s “progressive” tax system, which taxes higher levels of income at the progressively higher rates we mentioned earlier. Related: Income Tax Calculator What Are The Tax Brackets? 2022 Tax Brackets: Married Filing Jointly If taxable income is:
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