• phillaholic@lemm.ee
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    10 months ago

    10% $0 to $11,000.

    12% $11,001 to $44,725.

    22% $44,726 to $95,375.

    24% $95,376 to $182,100.

    32% $182,101 to $231,250.

    35% $231,251 to $578,125.

    37% $578,126 or more.

    If you make $579k, you don’t pay 37% of that. You pay the above rate for each range of dollars you earn. So everyone pays 10% on the first $11k they earn.

    There’s also deductions including the standard deduction of $13,850 (so subtract that from what you earned)

    Some good information: https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets

    • AbidanYre@lemmy.world
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      10 months ago

      Yes, I understand how marginal rates work.

      The one we’re talking about is the state income tax:

      5% - $0 to $1,000,000

      9% - $1,000,000+