Federal Taxable Income
January 16th, 2009
Question: is federal income tax based on a single percentage per taxable income?
eg: 10,000 is taxed at 10% and 15,000 is taxed at 10% for the 10,000 and 11% for the next 5,000 or is the full 15,000 taxed at 11%
Answer: It's a progressive tax system. In your example, it would be the first 10,000 would be taxed at one rate, and the next 5,000 taxed at the next (highest) tax rate.
See here for the 2009 federal tax brackets:
http://taxes.about.com/od/2009taxes/qt/2009_tax_rates.htm
There are six marginal tax rate - 10%, 15%, 25%, 28%, 33% and 35%.
There are also five different filing status, which determine how taxpayers are taxed on their taxable income.
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2009 Tax Extension
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