To Know your tax Bracket you need to know your Filing Status
You are either Single by yourself, Single with Children (Head of Household), Married with or without children, Married and want to file single (Married Filing Separate)
Once you know your filing status then you can find your tax bracket
Why? Because each filing status has what is called a Standard Deduction - That means how much money you earned will NOT be taxed
You also need to know how much income to include
Income can be a varity of things
1. W2 Earnings
2. 1099-Misc Income
3. Self Employed
4. Rental Income (You are the Landlord)
5. Interest and Dividents
6. Social Security
8. And more... The list goes on. Bottom line... You earned it, it is income.
Just how much is this Standard Deduction Thing which lowers my earnings?
Single is 12,000, Married is 24,400, Head of Household is 18,350, Married Filing Separate is 12,200
So here's the skinny on this equation
Take your earnings, subtract the Standard Deduction and you get a number. Use that number to see what your Tax Bracket Is.
If you have more questions, feel free to contact us. We are here to help you get your tax return done with the lowest posslble taxes and get you the highest refund we can.
Remember... Refunds are not always possible if you under pay them during the year. It is wise to get a mid year check up on your paystubs. Waiting until next tax season to hope you get a refund may be too late. Its already in the books and done. A mid year checkup can alter the path you are already in.