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Question about Tax Brackets for Federal Tax?

Surely I can't be the only one who is confused about so many different aspects of the taxing procedures, laws, etc. Isn't it that people between a certain amount of income and another level fall under one bracket and people above another bracket so on and so forth? (ex: $15,000-$25,000 for one bracket & $25,001-$35,000) What is the different tax level for each bracket if so? And how can I find out where I am in my "bracket" is there a place on IRS that shows this..I was unable to find anything. Maybe that's because I'm completely wrong, lol. Please give me something I can look at if possible!

I know exactly how you feel. I every year, I end up trying to find the answer for this, by google or other ways. Usually, there is a reference in your local library, as well as tax forms. What bracket you are in is only part of the equation, of course, because there is deductions, etc, so your bracket is, at best, a very rough, high end estimate. To complicate things further, there is the Alternative Minimum Tax (ATM), which more people are falling into every year, which most simply put, makes sure you dont make too many allowable deduction.

Ask me again in a few years...I'm just starting my Accounting degree.
When you go to the post office, they will give you a 2005 tax booklet and a 1040EZ form. THat's all you need.

First of all you have to figure out your taxable income. The tax forms make this pretty easy you just enter the data from your tax form from work. It includes your income, but subtracts things like money spent on health insurance, money put into tax free retirement plans, etc. Once you have your taxable income you look it up in a table in the booklet that comes with the tax form. The table will show what your tax amount is. Those tables reflect are the "brackets", so you don't really need to worry about which bracket is which, etc...

It's not really YOU that falls into a bracket, it's your money. The first x amount of your income is not taxed at all, then the second portion is taxed at a low rate, and then the more you make the higher it is taxed.

Anyway you put that number in a box, and then you do a bunch of pretty easy calculations and it tells you whether you owe money or will get money back. Good Luck. The IRS has a help number you can call if you get stuck.

If you don't mind spending about 20-40 dollars Turbotax.com has a good web site where it takes you through everything in a really easy, friendly way. You don't have to buy the software and you don't even have to pay unless you actually file or print your taxes from the web site, so you can do the entire thing online for practice, then do it on paper and make sure they're the same. If you don't use turbotax.com to file you don't have to pay.

Good luck!
Modified 1 year ago