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Video instructions and help with filling out and completing federal income tax brackets 2021
This is a your two bits explanation of income tax brackets have you ever wondered how exactly income tax brackets worked I used to think that if I was at the top of one bracket and got a raise that pushed me just barely into the next bracket I could potentially bring home less money I know I'm not the only one who has had this misconception so here's an explanation this table represents the 2021 tax brackets notice that your tax rate is affected by two main factors how much you earn and how you file your taxes such as single or married filing jointly for example if you are married filing jointly and earn one hundred thirty seven thousand three hundred dollars you are probably a very hard worker or doing something illegal you are also in the twenty five percent tax bracket does that mean you pay 25% of your 137 thousand three hundred dollars in taxes which would be thirty four thousand three hundred twenty-five dollars no let's illustrate why by looking at how two people's incomes compare Harrold earns the maximum for the twenty five percent bracket and beki earns the minimum for the twenty eight percent bracket that means Herald earns one hundred thirty seven thousand three hundred dollars and Becky earns one dollar more or one hundred thirty seven thousand three hundred and one dollars let's first look at the taxes Herald will have to pay the first tax bracket is ten percent that means said on everything he earns up to sixteen thousand seven hundred and fifty dollars he would pay ten percent in taxes so for that portion of his income he would pay ten percent of sixteen thousand seven hundred and fifty which is one thousand six hundred and seventy five dollars now let's move on to the 15% bracket Herald will pay a tax of fifteen percent on everything he earns after the first sixteen thousand seven hundred and fifty up to sixty eight thousand sixty eight thousand minus sixteen thousand seven hundred and fifty is fifty one thousand two hundred and fifty so he will pay fifteen percent of that fifty one thousand two hundred and fifty dollars in taxes which is seven thousand six hundred and eighty seven dollars and fifty cents continuing on with the 25% bracket we follow the same pattern meaning Harold pays 25% on everything he earns after 68 thousand up to 137 thousand three hundred dollars so he pays 25% of 69 thousand three hundred dollars which is seventeen thousand three hundred and twenty-five dollars now we need to add all of the amounts from each bracket to determine Harold's total tax liability or what he is responsible to pay assuming he doesn't want to go to jail when we add all of these together we get twenty six thousand six hundred eighty seven dollars and fifty cents notice that twenty six thousand six hundred eighty seven dollars and fifty cents.