Federal Tax Brackets for Singles
January 9th, 2012
As tax season begins, Americans should start to discover the different Federal Tax Brackets, how tax brackets work, and what percentage of their income will be taxed in each.
You can think of Federal tax brackets as “benchmarks” for taxation on each dollar of your income. The first few thousand dollars that you earn are untaxed. The next are taxed, but at the lowest rate. This goes on and on and on until a Federal income taxpayer reaches the highest tax bracket.
