This video is going to demonstrate how to use tax tables to find the tax on a certain amount of taxable income in this case $100,000 these happen to be the rates for 2023 you may have different numbers to use but the procedure will remain the same probably the most important thing to realize is that the tax on one hundred thousand dollars is not twenty eight percent of one hundred thousand dollars or twenty eight thousand dollars because that's not how taxes work instead no matter how much money you make the first 8,700 of it is taxed at 10% that amount is eight hundred and seventy dollars next you have a section of income between eighty seven hundred and thirty five 350 that amount of income doing the subtraction is 26650 that is taxed at the fifteen percent next since this person is still above eighty five six fifty the amount in here is taxed at twenty five percent the total amount of money in that bracket eighty five six 50-35 three fifty fifty thousand three hundred dollars taxed at twenty five percent twelve thousand five seventy five then the remaining income from eighty five six fifty to one hundred thousand dollars is going to fall in the twenty eight percent bracket that amount $100,000 minus eighty five six fifty 14350 is taxed at 28% and only that part is taxed at 28% for a thousand eighteen dollars if we add these up we find the total tax twenty-one thousand four hundred sixty one dollars.
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Tax brackets 2023 calculator Form: What You Should Know
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