A person s federal income tax rate is based on the amount of

Last updated: 5/26/2023

A person s federal income tax rate is based on the amount of money that the person makes Income is broken into levels called tax brackets The table below shows the tax brackets for 2014 Taxable Income 0 9 075 9 076 36 900 36 901 89 350 89 351 186 350 186 351 405 100 405 101 406 750 406 751 plus If a Facebook engineer had a taxable income of 235 000 in 2014 how much income tax did the engineer owe that year 58 975 75 68 935 50 77 550 00 Tax 10 of taxable income 907 50 plus 15 of excess over 9 075 5 081 25 plus 25 of excess over 36 900 18 193 75 plus 28 of excess over 89 350 45 353 75 plus 33 of excess over 186 350 117 541 25 plus 35 of excess over 405 100 118 118 75 plus 39 6 of excess over 406 750 61 408 25