Your tax invoice is essentially decided by tax brackets. These are actually simply ranges of taxable revenue. As your taxable revenue strikes up this ladder, every layer will get taxed at progressively increased charges.
How do tax brackets work?
A single individual with $140,000 in taxable revenue in 2024 could be within the 24% tax bracket. This doesn’t imply all of their revenue is taxed at that price. Their efficient tax price could be a lot decrease than that prime price.
Copyright ©2024 Dow Jones & Firm, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
