Calculate Tax Bracket (U.S.)
The rate at which an individual is taxed. Tax brackets are set based on income levels; individuals with lower income levels are taxed at a lower rate.
The rate at which an individual is taxed. Tax brackets are set based on income levels; individuals with lower income levels are taxed at a lower rate.
So, what does this means to you? As indicated by the calculator, the total amount of taxes paid over the next few years could be substantially large. In order to reduce the amount of taxes paid, be sure to maximize your Individual Retirement Account contributions, as this acts to defer your taxes until you retire, when you are in a lower tax bracket.
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