Business & Finance Taxes

How to Determine Your Tax Bracket

By Business & Finance Last updated Wednesday, May/22/2024

1). Determine your filing status. There are different tax brackets for those filing single, married filing jointly, married filing separately and head of household. Make sure you are looking at the correct tax schedule when determining your tax bracket.
2). Find out your annual income by asking your company's human resources department or by looking at your most recent paycheck stub. If you get paid every two weeks, take your gross pay and multiply it by 26.
3). Look up the federal tax rate schedules on the IRS website or at a nearby IRS office. Tax rates do not change every year, so the most recent schedule available may not be for the current year.
4). Locate the line with the range where your annual gross income falls. For example, if your annual gross income is $30,000, you would look at the line that says "if taxable income is over $7,285 but not over $31,850, the tax is $782.50 plus 15 percent of the amount over $7,825." Your tax bracket, or marginal tax rate, is 15 percent.

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