tax brackets
Revenue rate ranges
Tax brackets are the income ranges used in a progressive tax system, where each range is taxed at a different rate.
As income rises, only the portion falling within each bracket is taxed at that bracket's rate—a common misconception is that moving into a higher bracket means all income gets taxed at the higher rate.
She worried about the raise pushing her into a new tax bracket, but her accountant explained only the additional income would be taxed higher.
Earnings before any deductions
- adjusted gross incomeEarnings after initial subtractions
- earningsMoney gained from work
- wagesPayment for work
- salaryFixed periodic employment payment
net income · filing status · joint · single · head of household · dependent · exemptions · deductions
Completed formal studies
- tieredHaving multiple levels
- redistributionSharing out again differently
- equityImpartial treatment or ownership value
- fairnessJust and equal treatment
economic justice · social welfare · tax burden · tax liability · means-tested · tax policy · tax reform · flat tax
Federal tax collector
- returnsProfits from investments
- formsVarieties or documents
- filing statusIRS household classification
- auditFormal accounts examination
compliance · deadline · extension · tax software · accountant · preparer · documentation · records
Point of termination
- limitMaximum allowed extent
- floorIndoor walking surface
- ceilingRoom's upper surface
- boundaryLine marking a limit
income level · phase-out · cliff · breakpoint · range · tier · step · marginal
Proportion out of hundred
- top rateHighest quality designation
- rate reductionDecrease in charges
- hikeExtended walk outdoors
- adjustmentAlteration to improve fit
Official enactment of statutes
- reformImprove by correcting faults
- codeSymbolic communication system
- loopholesExploitable ambiguities in rules
- tax cutsDecreased government assessments
tax increases · indexing · inflation adjustment · congressional · bipartisan · lobbying · advocacy
gross income
Earnings before any deductions
- adjusted gross incomeEarnings after initial subtractions
- earningsMoney gained from work
- wagesPayment for work
salary · net income · filing status · joint · single · head of household · dependent · exemptions · deductions · standard deduction
graduated
Completed formal studies
- tieredHaving multiple levels
- redistributionSharing out again differently
- equityImpartial treatment or ownership value
fairness · economic justice · social welfare · tax burden · tax liability · means-tested · tax policy · tax reform · flat tax · regressive
IRS
Federal tax collector
- returnsProfits from investments
- formsVarieties or documents
- filing statusIRS household classification
audit · compliance · deadline · extension · tax software · accountant · preparer · documentation · records · quarterly
cutoff
Point of termination
boundary · income level · phase-out · cliff · breakpoint · range · tier · step · marginal · baseline
percentage
Proportion out of hundred
- top rateHighest quality designation
- rate reductionDecrease in charges
- hikeExtended walk outdoors
legislation
Official enactment of statutes
- reformImprove by correcting faults
- codeSymbolic communication system
- loopholesExploitable ambiguities in rules
tax cuts · tax increases · indexing · inflation adjustment · congressional · bipartisan · lobbying · advocacy
- redistributionredistribution, wealth transfer, progressive tax, wealth tax, estate tax
- Federal TaxesIRS, tax return, tax refund, Form 1040, 1040
- taxationtax, income tax, sales tax, tax return, tax refund
- US Taxationincome tax, federal tax, tax rates, tax code, IRS
- business taxestax returns, tax filing, tax deductions, deductions, small business tax
- corporate taxestax rate, tax rates, tax liability, tax code, tax returns
bracket, taxation, overtaxed, overtax, bracketed, taxable, untaxed, bracketing, nontaxable