Video: How to Find Your Tax Bracket
Finding the tax bracket you fall into will help you know how much money you have to pay in taxes each year. Find your tax bracket with help from TurboTax in this video clip.
Video transcript:
Ever wondered what tax brackets are and which one you fall into? Let’s find out in this edition of Tax Tips by TurboTax!
Not all of your income is taxed at the same rate. Lower portions of your income are taxed at lower rates, while higher portions are taxed at higher rates. That's what people mean when they say the US has a “progressive tax system.” The tax rate progresses higher as your income increases.
For example, the lowest tax bracket is for those filing single, who have earnings from $0 to $11,600, which is taxed at a 10 percent rate in tax year 2024. Anything you earn from $11,601 to $47,150 falls within the next bracket and is taxed at a 12 percent rate.
And income from $47,151 to $100,525 is taxed at 22 percent. This progressive system continues to increase up to a rate of 37 percent for the highest earning levels.
But tax brackets are not the same for all taxpayers. They vary depending on your filing status: single, married filing jointly, married filing separately, and head of household.
You can check out the tax tables at the IRS website to know exactly what portions of your income are taxed at the various rates. Or use our tax bracket calculator linked in the description below to help estimate your taxable income.
But keep in mind that those bracket-by-bracket tax tables are different from the ones that you’ll use when you file your tax return. The tax tables you use on your return combine all the different tax rates for all your different tax brackets to create one final tax amount that you owe.
When you file with TurboTax, we automatically calculate the right tax rate for your filing status, so you get the tax benefits you deserve.
With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted.
And if you want to file your own taxes, TurboTax will guide you step by step so you can feel confident they'll be done right. No matter which way you file, we guarantee 100% accuracy and your maximum refund.
Get started now by logging into TurboTax and file with confidence.