Tax Bracket
TaxesAn income range taxed at a specific rate in the progressive U.S. tax system (10%, 12%, 22%, 24%, 32%, 35%, 37%).
Example
Example: As a single filer earning $75,000 (after $14,600 standard deduction = $60,400 taxable), you are "in the 22% bracket." But you do not pay 22% on everything: you pay 10% on the first $11,925 ($1,193), 12% on $11,926-$48,475 ($4,386), and 22% on $48,476-$60,400 ($2,624). Total: $8,203, an effective rate of 10.9% — not 22%.