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Monday, December 23, 2013

Tax Brackets Simplified

A few people seem to not have understood the concept of tax brackets in my previous post, Make A Profit Or Quit Freelancing. And that's ok, we aren't all trained the fine art of the US Tax Code, including myself. However, you should be familiar with the basics and that includes what exactly a tax bracket is.

Let's take advantage of the available resources from the world-class educational institute Khan Academy to simply explain this concept. They do a great job of explaining it, and rather than have me try to regurgitate their points just watch the video below. Just remember, you are never in just one tax bracket. You are in the highest one that your income allows, and also all the lower ones in that range of your respective income.

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