![]() ![]() Need help determining this number? Find out how to calculate your taxable income. Rather, it’s the total of your taxable income sources (like wages, investment interest, and retirement distributions) minus any adjustments and tax deductions. Most income is taxed using these seven tax brackets, except for certain capital gains and dividends. Your taxable income: Believe it or not, your taxable income doesn’t equal your wages.Your filing status: The filing status options are to file as Single, Married Filing Jointly, Married Filing Separately, Head of Household, or Qualified Surviving Spouse.If you’re trying to determine your marginal tax rate or your highest federal tax bracket, you’ll need to know two things: You pay increasing income tax rates as your income rises. ![]()
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