How do I find out what tax bracket I belong to?

Question

I have no clue about taxes. Where can I learn more about this so that I don't work overtime and then get it mostly taken away by taxes because I wasn't aware of tax brackets? What kind of taxing system do we have in the U.S. currently?

Link to the percentage breakdowns and married/single would be perfect.

Answer 1

the tables are available in circular "E" or as it is also referred to, "Publication 15" on the IRS website (www.irs.gov - click "publications and forms")

Overtime is always taxed higher because your salary is annualized each pay period.  This means if you earn $1000 each week, the tax tables tax you as earning $52,000 annually - but - if one week you earn $1000 in reg wages and $1000 in overtime, the tables tax you as if you earn $104,000 a year.  Even if it's a one time payment and you will not earn any other overtime or bonus wages, that one payment will be taxed much higher.

Those income levels ($52K or $104K fall within a range - or a bracket which pays X percentage of taxes)  

Answer 2

The US tax system is not 100%, so while you do pay higher taxes if you make more, you do not lose.

Go to irs.gov and search on 1040ES.

Answer 3

Make as much as possible!

It is impossible to make more money and come out behind.

Answer 4

We do have a progressive tax system in the US.  That basically means that the percentage of income tax paid is greater for those making more money.  the following link will take you to the IRS tax schedules.

http://www.paycheckcity.com/netpaycalc/n...  

Answer 5

This page from the IRS website breaks it down for you.  I tried cutting and pasting but it wasn't readable.  

http://www.irs.gov/formspubs/article/0,,...