Reply to My household gross income is 105K. What is the next tax bracket?

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[quote=Anonymous][quote=Anonymous]I find it easier looking at tax brackets that are written like this:
[url]https://files.taxfoundation.org/20170123140911/TaxFoundation-FF534.pdf[/url]

[code]Married Filing Joint Taxable Income Brackets and Rates, 2017

Rate       Taxable Income Bracket     Tax Owed  
10%       $0 to $18,650                                              10% of taxable income
15%       $18,650 to $75,900          $    1,865.00  plus 15% of the excess over $18,650
25%       $75,900 to $153,100        $  10,452.50  plus 25% of the excess over $75,900
28%       $153,100 to $233,350      $  29,752.50  plus 28% of the excess over $153,100
33%       $233,350 to $416,700      $  52,222.50  plus 33% of the excess over $233,350
35%       $416,700 to $470,700      $112,728.00  plus 35% of the excess over $416,700
39.60%   $470,700+                      $131,628.00  plus 39.6% of the excess over $470,700[/code]

I think this gives a better idea of how the marginal brackets work.  [/quote]

Except for two things:

1) It doesn't count exclusions/deductions. Ignorant people look at "taxable income" and confuse it with "gross." So, you have to do the exclusion math (i.e. retirement contributions, FSA contributions, health insurance paid for before tax, etc) and deductions (itemized or standard) before you can use this table.

2) This is 2017 rates. 2018 rates are lower. Income brackets changed, too, I think. [/quote]

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