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What is a Tax Bracket? Comments

  • By Jocelyn Black Hodes, DailyWorth's Resident Financial Advisor
  • June 21, 2013

A tax bracket is the rate at which an individual is taxed. Tax brackets are based on income levels so that individuals with lower income levels are taxed at a lower rate than individuals with higher income levels. Tax brackets serve as cutoff points for given income tax rates; therefore, if an individual's annual taxable income exceeds the cutoff point, that person is taxed according to the next tax bracket.

 

 

See Also:

Ways to Reduce Taxes on Investments

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Protect Your Assets From a Tax Bite

Tax Tips from a Pro

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