How to Determine Tax Brackets
You may need to determine your tax bracket for several different reasons. You may be asked to enter your tax bracket on your income tax forms, financial aid forms or to keep for your financial records. The IRS website provides a tax schedule that can help you determine you tax bracket.
- Determine your taxable income. Look at your tax slip for the heading that says "Taxable Income." The number under that heading is the amount of your income that can be taxed.
- Determine if your filing status is single or married. If you are single then your status is single, if you are married you can choose to file single or file together as a married couple.
- Visit the IRS website to determine your tax schedule. The tax schedule will tell you your income range. Find the number that equals you taxable income. This will tell you what range you are in.
- Notice the smallest number in your taxable income range. Any amount of your taxable income that is more than the smallest number in your tax range can be taxed. The tax schedule will also show you what rate your income will be taxed.
- Your taxable income will be taxed the appropriate tax rate. This will determine your income tax bracket. You can use this information to help file your taxes, or to help fill out financial aid forms for college. Your tax bracket may change from time to time so it is important to check it every year before you file your taxes.